Immediate Acquisition PLC Update on the Acquisition of Fiinu Holdings Ltd (7531R)

TIDMIME

RNS Number : 7531R

Immediate Acquisition PLC

07 July 2022

7 July 2022

Immediate Acquisition Plc

("IME", the "Group" or the "Company")

Update on the Acquisition of Fiinu Holdings Limited

Immediate Acquisition Plc (AIM: IME) is pleased to announce, further to the announcement dated 1 July 2022, that Fiinu 2 Limited ("Fiinu 2"), a subsidiary of Fiinu Holdings Limited ("Fiinu Holdings") has today received confirmation of its Part 4A deposit taking licence ("Banking Licence") from the Prudential Regulation Authority, with the consent of the Financial Conduct Authority. This will allow the Company to proceed with the completion of the Acquisition Agreements and Placing Agreement on the timetable as previously announced and set out further at the end of this announcement (as updated to take account of completed steps and the timetable as now anticipated following confirmation of the Banking Licence).

It is expected that the readmission of the Enlarged Issued Ordinary Share Capital to trading on AIM ("Admission") will take place at 8.00 a.m. on or around Friday 8 July 2022.

Fiinu 2 will be renamed Fiinu Bank Limited.

Further announcements will be made as appropriate.

 
 For further information please contact: 
 Immediate Acquisition Plc                       Tel: [phone] 
  Tim Hipperson, Non-executive Chairman 
  Simon Leathers, Non-executive Director 
 SPARK Advisory Partners Limited (Nomad)         Tel: [phone] 
  Mark Brady 
  Adam Dawes 
 SP Angel Corporate Finance LLP (Broker)         Tel: [phone] 
  Abigail Wayne 
  Matthew Johnson 
 Buchanan Communications (Financial              Tel: [phone] 
  PR adviser) 
  Chris Lane / Kim van Beeck / Jack Devoy 
 Brazil London (Press office for Fiinu)          Tel: [phone] 
  Joshua Van Raalte / Christine Webb              Email: [e-mail] 
  / Jamie Lester 
 

Information on Fiinu

Fiinu Holdings, founded in 2017, is a technology platform and provider of consumer banking products.

Fiinu comprises two innovative businesses: Fiinu 2 (to be renamed Fiinu Bank Ltd), which holds the Banking Licence and will offer the group's flagship product, the Plugin Overdraft(R), and Fiinu Ltd, a provider of financial technology and alternative data solutions.

Fiinu's Plugin Overdraft(R) is an unbundled overdraft solution, whereby Fiinu can provide its customers with an overdraft facility without them having to switch their current account with their present bank, giving customers access to affordable credit. Importantly, an overdraft does not negatively impact a consumer's credit score and helps avoid expensive "payday lenders", giving consumers the opportunity to build their credit rating.

Fiinu Ltd is the group's technology arm which will manage and develop the group's platform utilising data insights and analytics.

Expected Timetable of Principal Events

 
 Publication of the Admission Document                  15 June 2022 
 Expected completion of Acquisition, issue         anticipated to be 
  of the New Ordinary                                8.00 a.m. on or 
  Shares, re-admission of the Enlarged Issued    about Friday 8 July 
  Share Capital and                                             2022 
  commencement of dealings on AIM 
 Expected date for New Ordinary Shares to          anticipated to be 
  be credited to CREST accounts                      8.00 a.m. on or 
                                                 about Friday 8 July 
                                                                2022 
 Despatch of definitive certificates for           within 14 days of 
  New Ordinary Shares                                      Admission 
 

All of the above timings refer to UK time. All future times and/or dates referred to above are subject to change at the discretion of the Company and SPARK.

Any changes to the above dates and times will be communicated by the Company via RIS announcements.

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July 07, 2022 11:57 ET (15:57 GMT)