RESULT OF GENERAL MEETING
(“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 £0.27, 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 .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
Yellow Jersey PR Limited (Media Relations) Tel: +44 (0) 7747 788 22
Charles Goodwin / Felicity Winkles
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% interest and an option to acquire a further 90 % in CEDEX, a blockchain-based on-line exchange for diamonds, which would give TechFinancials up to 92 % of CEDEX or 87.4 % on a fully diluted basis.
Further information can be found at http://techfinancials.com.