ADVFN PLC Corporate update (4205J)

TIDMAFN

RNS Number : 4205J

ADVFN PLC

15 August 2023

15 August 2023

For immediate release

ADVFN PLC

(" ADVFN " or the "Company")

Corporate update

As previously announced in the trading update in June earlier this year, the Company has made significant progress in addressing legacy constraints and complexities which required substantial investment in technology and infrastructure, and a change in leadership, and organisational structure.

As part of those changes, and with a focus on the Company's core ADVFN platform, the Board decided to wind down ALL IPO's operations as it has had minimal activity and had been unprofitable. All IPO has now ceased all regulated activities and off-boarded clients and, subsequently at the Company's request, All IPO's Part IV permission has been cancelled by The Financial Conduct Authority (FCA). The winding down of ALL IPO follows similar decisions to close fotothing, MJAC and other dormant subsidiaries.

A copy of this announcement is available on the Company's website, www.advfnplc.com.

For further information please contact:

 
           ADVFN plc 
            Amit Tauman (CEO)                        [phone] 
           Beaumont Cornish Limited 
            (Nominated Adviser) 
            Michael Cornish 
            Roland Cornish                           [phone] 
           Peterhouse Capital Limited 
            (Broker) 
            Eran Zucker / Lucy Williams 
            / Rose Greensmith                        [phone] 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. The person who arranged for the release of this announcement on behalf of the Company was Amit Tauman, Director.

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(END) Dow Jones Newswires

August 15, 2023 13:05 ET (17:05 GMT)