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Update re. Sale of Shareholding in Subsidiary

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RNS Number : 8531D
TechFinancials Inc.
28 June 2019
 

28 June 2019

 

TechFinancials, Inc.

 

("TechFinancials" or the "Company" or the "Group")

 

Update re. Sale of Shareholding in Subsidiary

 

 

TechFinancials (AIM: TECH), a fintech software provider of financial solutions including blockchain-based digital assets and traditional financial trading solutions for retail clients, provides the market with an update relating to the sale of its shareholding in MarketFinancials Limited ("MF"). Further to the announcement made on 16 January 2019, the Company has agreed to extend the completion date of the conditional Share Purchase Agreement (the "SPA") to sell its entire holdings in MF, a non-core loss-making asset, for €100,000 to 31 August 2019.

 

The Seychelles Financial Services Authority (the "SFSA") has given its approval in principle to M&N Equity Research Ltd ("M&N"), a Cypriot entity, to acquire MF. The original SPA with Proverial Ltd has also been assigned to M&N. With this, M&N wishes to proceed with the transaction and has paid the full purchase price to the Company. Completion of the acquisition remains subject to, inter alia, the full SFCA consent and registration of the share transfer. To this end, the Company and M&N have signed an amendment to the SPA which include provisions for M&N to pay additional expenses to the Company if the transaction, either completes after 30 June 2019, or does not complete due to M&N not receiving final consent from the SFCA. Consequently, in the event the transaction does not complete, the Company will refund the consideration to M&N, less any costs incurred.

 

The Company will provide a further update in due course.

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

For further information:

TechFinancials, Inc.

Tel: +972 54 5233 943

Asaf Lahav, Group Chief Executive Officer

 

Yuval Tovias, Chief Financial Officer

 

 

Grant Thornton UK LLP (Nominated Adviser)

Tel: +44 (0) 20 7383 5100

Colin Aaronson / Samantha Harrison / Seamus Fricker

 

 

 

Peterhouse Capital Limited (Broker)

Tel: +44 (0) 20 7469 0930

Fungai Ndoro / Eran Zucker

 

 

Media enquiries:

Yellow Jersey PR Limited (Media Relations)

Tel: +44 (0) 7748 843 871

Charles Goodwin / Felicity Winkles

 

 

 

 

About TechFinancials 

TechFinancials, Inc (AIM: TECH) is a fintech software provider of financial trading solutions, including blockchain-based digital assets and traditional financial trading solutions for retail clients. The Group operates a B2B division licensing white label trading platform solutions to online brokers. In addition, the Company operates a B2C division operating trading platform incorporating a strategic joint venture focusing on solutions for traders in the Asia Pacific region.

 

In December 2018, the Company signed a binding agreement with Footies Tech Ltd, a ticketing venture for sports venues and teams, to license its technological blockchain infrastructure and established a new company to develop and market a blockchain based ticketing solution and event economics management system. The new venture is underway and is focused on enabling sports organisations to take full control over their ticket path once issued, including secondary market trading configuration and enforcement. The ultimate vision is to fully digitise sport clubs match day experience to economically benefit both fans and football clubs.

 

Additionally, TechFinancials holds a 2% interest and an option to acquire a further 90% in CEDEX, a blockchain-based on-line exchange for diamonds, which would give TechFinancials up to 92% of CEDEX or 87.4 % on a fully diluted basis.

 

Further information can be found at http://techfinancials.com.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: TechFinancials, Inc.

Price: 0.9

Market: AIM
Market Cap: £771.13 k
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