6 Feb 2018 07:00
06 February 2018
TechFinancials, Inc.("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. |
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Asaf Lahav, Group Chief Executive Officer |
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Grant Thornton UK LLP (Nominated Adviser) |
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Colin Aaronson / Samantha Harrison / Carolyn Sansom | Tel: +44 (0) 20 7383 5100 |
Northland Capital Partners Limited (Broker) |
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David Hignell/ John Howes | Tel: +44 (0) 20 3861 6625 |
Peterhouse Corporate Finance (Joint Broker) |
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Lucy Williams / Eran Zucker | Tel: +44 (0) 20 7469 0932 |
Media enquiries:
Yellow Jersey (Media Relations) |
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Charles Goodwin / Katie Bairsto | Tel: +44 (0) 7748 843 871 |
About TechFinancials
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.