Immediate Acquisition PLC - AIM-listed cash shell - Will acquire Fiinu Holdings Ltd via reverse takeover for GBP37.5 million to be satisfied by issue of new shares to the selling shareholders of Fiinu at a price of 20 pence per share. In addition, Immediate Acquisition is looking to raise GBP8.0 million via placing at the same price, to partly fund the acquisition. SP Angel Corporate Finance LLP is acting as bookrunner. Immediate Acquisition to change name to Fiinu Group once acquisition is completed.
Non-executive Chair Tim Hipperson says: "As a board, we have looked at and appraised a number of opportunities in the technology and fintech sector and Fiinu stood out when it came to a product in a market with incredibly high barriers to entry and its consumer-focused operating model which improves financial inclusion.
"Many people assume that everyone has on overdraft - they do not. This is in the main due to regulatory changes which in effect led to the disappearance of unarranged overdrafts. With its proprietary product, the Plugin Overdraft, Fiinu will be the first company to be able to unbundle an overdraft facility from a primary current account."
Current stock price: 20.00p
12-month change: up 13%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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