Teathers Financial PLC Update (7411W)

TIDMTEA

RNS Number : 7411W

Teathers Financial PLC

29 April 2016

Teathers Financial Plc / Index: AIM / Epic: TEA / Sector: Investment

29 April 2016

Teathers Financial Plc ('Teathers' or 'the Company')

Update

Further to its announcement dated 19 April 2016 the Company would like to provide the following update to shareholders.

On 19 April 2016, the Company announced that it was in discussions with a potential takeover target that the board believed offered synergies with Teathers Financial Software Limited ('TFSL'), the Teathers investee company that owns the Teathers app. After detailed consideration by the Company and its advisers, the Teathers board has decided not to progress this opportunity and discussions with the third party were terminated.

The Company also announced that the board has also been in discussions with a potential investor who has indicated an interest in investing GBP1 million into the Company. This would enable the Company to fund further development of the Teathers app as an unquoted company, with a view to seeking a listing at a suitable time in the future. These discussions are ongoing.

The board will convene a general meeting to allow shareholders the opportunity to vote on the Company's future including a possible cash investment, at the earliest possible opportunity. Further details in relation to this will be announced in due course.

The Company also announces that it will not be publishing its annual accounts today but anticipates doing so by 31 May 2016.

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For further information please visit www.teathers.com or contact:

 
                        Teathers Financial      +44 203 
 Jason Drummond          Plc                     021 3466 
 Colin Aaronson         Grant Thornton UK 
  / Jamie Barklem        LLP                    [phone] 
  / Carolyn Sansom       (Nominated Adviser)     5100 
                        Peterhouse Corporate 
 Lucy Williams /         Finance                [phone] 
  Duncan Vasey           (Broker)                0936 
 Charlotte Heap         St Brides Partners      [phone] 
  / Elisabeth Cowell     Limited                 1177 
 

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

END

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April 29, 2016 02:00 ET (06:00 GMT)