TechFinancials Inc. Result of General Meeting (2864M)

TIDMTECH

RNS Number : 2864M

TechFinancials Inc.

26 April 2018

26 April 2018

TechFinancials, Inc.

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

Result of General Meeting

TechFinancials (AIM: TECH), a leading technology provider to financial trading brokers, announces that at the Company's General Meeting held earlier today, the relevant resolution was passed.

As a result, the directors of the Company now have the necessary authorities to allow for the issuance of shares to shareholders of OptionFortune Trade Limited, on a non-pre-emptive basis, as consideration to the OptionFortune Shareholders for the second measurement payment under the Joint Venture ("JV") Agreement as announced on 21 October, 2015.

As stated in the announcement of 27 March 2018, based on the audited financial statements of DragonFinancials for the years 2016 and 2017, DragonFinancials achieved financial results requiring the Company, at the Company's sole discretion, in addition to the issuance of the First Payment Shares, to either: (i) pay USD 4,527,927 (the "Cash Payment") to the OptionFortune Shareholders; or (ii) issue 12,406,352 shares of the Company, at a price per share of GBP0.27, representing following such issuance, 14.60% of the issued share capital of the Company (the "Second Payment Shares") to the OptionFortune Shareholders.

A further announcement will be made once the actual payment or issue of shares has been made.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information:

 
 TechFinancials, Inc. 
 Asaf Lahav, Group Chief Executive 
  Officer 
 Yuval Tovias, Chief Financial       www.techfinancials.com 
  Officer 
 
 
 Grant Thornton UK LLP (Nominated 
  Adviser) 
 Colin Aaronson / Samantha Harrison   Tel: +44 (0) 20 
                                       7383 5100 
 
 
 Northland Capital Partners Limited 
  (Joint Broker) 
 David Hignell/ John Howes            Tel: +44 (0) 20 
                                       3861 6625 
 
 
 Peterhouse Corporate Finance (Joint 
  Broker) 
 Lucy Williams / Eran Zucker           Tel: +44 (0) 20 
                                        7469 0932 
 

Media enquiries:

 
 Yellow Jersey (Media Relations) 
 Charles Goodwin / Katie Bairsto   Tel: [phone] 
                                    843 871 
 

About TechFinancials

TechFinancials, Inc (AIM: TECH) is a fintech software provider of financial trading solutions including blockchain-based digital assets and traditional financial trading solutions for retail clients. The Group operates a B2B division licensing white label trading platform solutions to online brokers. In addition, the Company operates a B2C division operating trading platform incorporating a strategic joint venture focusing on solutions for traders in the Asia Pacific region.

The Company currently holds a 2 per cent interest and an option to acquire a further 90 per cent in Cedex Holdings Ltd ("CEDEX"), a blockchain-based on-line exchange for diamonds, which would give TechFinancials up to 92 per cent of CEDEX or 87.4 per cent on a fully diluted basis.

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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April 26, 2018 10:13 ET (14:13 GMT)