TechFinancials Inc. Transfer of shares held in Escrow to Optionfortune (6470A)

TIDMTECH

RNS Number : 6470A

TechFinancials Inc.

27 March 2017

 
 27 March 2017 
 

TechFinancials Inc.

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

Transfer of the shares held in Escrow to the owners of Optionfortune Trade Limited

("Optionfortune")

TechFinancials Inc. (AIM: TECH), a leading technology provider to financial trading brokers, is pleased to announce the completion of the transfer of 3,868,615 ordinary shares of US$0.0005 ("Ordinary Shares") to the owners of its joint venture partner, Optionfortune.

As announced on 8 June 2016, the shares were held on deposit with a third party escrow company, pending determination of the 2016 results of the joint venture company. As the joint venture has exceeded its target of net profit US$2 million, the shares will be transferred to the owners of Optionfortune in full.

Application has been made for the 3,868,615 Ordinary Shares, which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading on the AIM Market of the London Stock Exchange ("AIM"). Dealings on AIM are expected to commence at 8:00 a.m. on or around 31 March 2017 ("Admission").

Total Voting Rights

Following Admission, the issued share capital of the Company will comprise 72,542,166 Ordinary Shares with voting rights attached (one vote per share). The Company does not hold any shares in treasury. This figure of 72,542,166 may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

The information contained within this announcement is considered to be inside information, for the purposes of Article 7 of EU Regulation 596/2014, prior to its release.

For further information:

 
 TechFinancials, Inc. 
 Asaf Lahav, Group Chief Executive 
  Officer 
 Yuval Tovias, Chief Financial       www.group.techfinancials.com 
  Officer 
  Jeremy Lange, Chief Operations 
  Officer / Investor Relations 
 
 
 Grant Thornton UK LLP (Nominated 
  Adviser) 
 Colin Aaronson / Samantha Harrison   Tel: +44 (0) 20 
  / Carolyn Sansom                     7383 5100 
 
 
 Northland Capital Partners Limited 
  (Broker) 
 Patrick Claridge / David Hignell     Tel: +44 (0) 20 
  / John Howes                         3861 6625 
 
 
 Peterhouse Corporate Finance 
  (Joint Broker) 
 Lucy Williams / Eran Zucker    Tel: +44 (0) 20 
                                 7469 0932 
 
 
 Yellow Jersey PR Limited (Media   Tel: +44 (0) 
  Relations)                        7825 916 715 
  Felicity Winkles / Alistair de 
  Kare-Silver 
 

About TechFinancials

TechFinancials plc (AIM: TECH) is a leading innovator and supplier of financial trading solutions for retail clients. The Group operates a B2B division licensing white label software solutions to online brokers. In addition, the Company operates a B2C division operating trading platforms worldwide and incorporating a strategic joint venture focusing on solutions for traders in the Asia Pacific region.

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

This information is provided by RNS

The company news service from the London Stock Exchange

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March 27, 2017 10:00 ET (14:00 GMT)