Teathers Financial PLC Requisition of GM and update on £1m investment (1967Z)

TIDMTEA

RNS Number : 1967Z

Teathers Financial PLC

25 May 2016

Teathers Financial Plc

("Teathers" or the "Company")

Requisition of General Meeting and update on possible new GBP1 million equity investment

The Company announces that it has received a letter from a number of its shareholders requisitioning a general meeting of the Company's shareholders (the "Requisition") to consider a resolution to remove all of the members of the current board of directors and additional resolutions to appoint three new directors (the "Proposals").

The directors strongly believe that the Proposals are not in the best interests of the Company. The directors are of the view that if the Proposals are passed, shareholders may not have the opportunity to support the potential GBP1 million equity investment in the Company which has been identified by the directors and who are in the process of finalising its terms, as the directors do not believe that the investment would proceed if the current directors are removed.

The board of directors currently intends, in accordance with section 304 of the Companies Act 2006, to call such a general meeting within 21 days of the receipt of the Requisition and to provide for such a meeting to be held on a date not more than 28 days after the date of the notice of such meeting.

Shareholders are advised to take no further action at this time. Further announcements will be made in due course.

Enquiries:

 
Jason Drummond                                    Teathers Financial Plc         [phone] 
                                                  Grant Thornton UK LLP 
Colin Aaronson / Jamie Barklem / Carolyn Sansom    (Nominated Adviser)           [phone] 
                                                  Peterhouse Corporate Finance 
Lucy Williams / Duncan Vasey                       (Broker)                      [phone] 
Charlotte Heap / Elisabeth Cowell                 St Brides Partners Limited     [phone] 
 

Notes:

Teathers Financial PLC is focused primarily on the investment in AIM or unquoted companies, joint ventures or individual projects. The Company is led by highly experienced individuals with proven track records in the growth company arena. It considers all sectors but is looking for stand out companies, which it believes it can also add value to.

Amongst other investments, the Company has a 100% interest in Teathers Financial Software Ltd, which is looking to revolutionise the crowd equity arena for listed companies and empower private investors. In essence it has developed proprietary technology to provide brokers and fundraisers with a secure, seamless and innovative platform to connect, offer and manage private investors in Placings and IPOs, crucially on the same terms as institutional investors. The software, which runs across all major mobile platforms, also encourages ongoing user engagement by providing a real-time gateway for private investors and continual information on their portfolios. FCA regulated Shard Capital have adopted the technology for the Teathers App to drive private investors to their fundraising initiatives. The technology is available to be white-labelled to brokers and fundraisers who want to engage further with private individuals who potentially represent a supportive pool of capital.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 25, 2016 02:01 ET (06:01 GMT)