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(“TechFinancials, the “Company” or the “Group”)
Non-core asset disposal: Update
Further to its announcement of 24 November 2017, TechFinancials (AIM: TECH), a leading technology provider to financial trading brokers, today announces that it has decided not to progress with the proposed sale of the Company’s shareholdings in its non-core subsidiaries, B.O. TradeFinancials Limited (“BOT“) and MarketFinancials Limited (“MF”), to S. Win Holdings (“the Buyer”).
As of 31 January 2018, the Buyer had not secured the relevant regulatory consents for the acquisition of either BOT or MF and, under the terms of the share purchase agreement, the Company has elected not to proceed with the sale of BOT and MF.
TechFinancials is currently re-considering its options with regard to its shareholdings in BOT and MF and will make a further announcement in due course. In the meantime, TechFinancials will continue to focus its attention on developing its Forex and CFD and other innovative solutions including solutions for the rapidly growing blockchain-based products and technologies market.
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.||Tel: +972 54 5233 943|
|Asaf Lahav, Group Chief Executive Officer|
|Yuval Tovias, Chief Financial Officer|
|Grant Thornton UK LLP (Nominated Adviser)||Tel: +44 (0) 20 7383 5100|
|Colin Aaronson / Samantha Harrison / Seamus Fricker|
|Northland Capital Partners Limited (Broker)||Tel: +44 (0) 20 3861 6625|
|David Hignell / Rob Rees|
|NEX Corporate Adviser and Joint Broker Peterhouse Corporate Finance||Tel: +44 (0) 20 7469 0930|
|Fungai Ndoro / Eran Zucker|
|Yellow Jersey PR Limited (Media Relations)||Tel: +44 (0) 7748 843 871|
|Charles Goodwin / Felicity Winkles|
TechFinancials plc (AIM: TECH) is a leading innovator and supplier of 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 platforms worldwide and incorporating a strategic joint venture focusing on solutions for traders in the Asia Pacific region.
Further information can be found at http://techfinancials.com.