ADVFN Regulatory News (AFN)

7 April 2015

ADVFN PLC ("ADVFN" or the "Company")

Requisition of General Meeting Update

On 13 March 2015, the Company announced that it had received further communication regarding a purported requisition for a General Meeting from Sweet Sky Limited and Shellhouse Limited to remove all the directors of the Company and appoint a new board (the "Requisition"). 

The board of ADVFN (the "Board") would like to provide its shareholders with a further update.

ADVFN's wholly owned subsidiary, ALL IPO plc is authorised and regulated by the Financial Conduct Authority (the "FCA"). Accordingly, shareholders seeking to own more than 10 per cent. of ADVFN must seek permission from, and subsequently be granted permission by, the FCA in accordance with its change of control provisions.

Ownership above the levels of 10 per cent. and subsequently 20 per cent. without such prior change of control permissions is a criminal offence.

Zack Keinan, Sweet Sky Limited and Shellhouse Limited (the "Requisitioning Shareholders") have disclosed a 25.71 per cent. shareholding in ADVFN as of 20 March 2015. Despite repeated requests by the Company to the Requisitioning Shareholders for the relevant information required to allow ADVFN to ascertain whether correct FCA approvals have been sought, this information has, to date, not been provided.

Notwithstanding the view of the Board that the purported requisition is an attempt to take control of ADVFN without paying a fair value for the Company, the Board has taken the view that it would be inappropriate to accept the Requisition and convene a General Meeting without a clear confirmation that prior FCA approval has been granted for the Requisitioning Shareholders' interest in the Company. As such, the Board will not be taking any further action in relation to the Requisition at this stage.

The Board strongly recommends that shareholders take no action.

In addition, the Board has received information from certain shareholders that unknown parties have been communicating with our shareholders, who have been bullied in an attempt to acquire shares in ADVFN. The Board encourages any shareholders who have experienced this to contact the Company's help line on 0207 0700 961.

In line with its regulatory obligations, and in the interests of its shareholders, the Company has informed the FCA of the developments mentioned above, and will shortly be forwarding materials to the SEC in compliance with its obligations as a company listed on the OTC QX in the US.

Despite the continued attempts by the Requisitioning Shareholders to gain control of the Company without paying a fair value for it, the Directors strongly believe that the Company is poised for future growth.

For further information, please contact:

Clem Chambers,

ADVFN PLC CEO

0207 0700 909

Salmaan Khawaja

Jen Clarke

Jamie Barklem

Grant Thornton UK LLP (Nominated Adviser)

0207 383 5100