TechFinancials Inc. Result of General Meeting (2864M)
April 26 2018 - 10:13AM
UK Regulatory
TIDMTECH
RNS Number : 2864M
TechFinancials Inc.
26 April 2018
26 April 2018
TechFinancials, Inc.
("TechFinancials, the "Company" or the "Group")
Result of General Meeting
TechFinancials (AIM: TECH), a leading technology provider to
financial trading brokers, announces that at the Company's General
Meeting held earlier today, the relevant resolution was passed.
As a result, the directors of the Company now have the necessary
authorities to allow for the issuance of shares to shareholders of
OptionFortune Trade Limited, on a non-pre-emptive basis, as
consideration to the OptionFortune Shareholders for the second
measurement payment under the Joint Venture ("JV") Agreement as
announced on 21 October, 2015.
As stated in the announcement of 27 March 2018, based on the
audited financial statements of DragonFinancials for the years 2016
and 2017, DragonFinancials achieved financial results requiring the
Company, at the Company's sole discretion, in addition to the
issuance of the First Payment Shares, to either: (i) pay USD
4,527,927 (the "Cash Payment") to the OptionFortune Shareholders;
or (ii) issue 12,406,352 shares of the Company, at a price per
share of GBP0.27, representing following such issuance, 14.60% of
the issued share capital of the Company (the "Second Payment
Shares") to the OptionFortune Shareholders.
A further announcement will be made once the actual payment or
issue of shares has been made.
Market Abuse Regulation (MAR) Disclosure
The information contained 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.
Asaf Lahav, Group Chief Executive
Officer
Yuval Tovias, Chief Financial www.techfinancials.com
Officer
Grant Thornton UK LLP (Nominated
Adviser)
Colin Aaronson / Samantha Harrison Tel: +44 (0) 20
7383 5100
Northland Capital Partners Limited
(Joint Broker)
David Hignell/ John Howes Tel: +44 (0) 20
3861 6625
Peterhouse Corporate Finance (Joint
Broker)
Lucy Williams / Eran Zucker Tel: +44 (0) 20
7469 0932
Media enquiries:
Yellow Jersey (Media Relations)
Charles Goodwin / Katie Bairsto Tel: +44 (0) 7748
843 871
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.
The Company currently holds a 2 per cent interest and an option
to acquire a further 90 per cent in Cedex Holdings Ltd ("CEDEX"), a
blockchain-based on-line exchange for diamonds, which would give
TechFinancials up to 92 per cent of CEDEX or 87.4 per cent on a
fully diluted basis.
Further information can be found at
http://techfinancials.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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