TechFinancials (DI) (TECH)

Sector:

IT Services

Index:

FTSE AIM All-Share

 3.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 8.00
  • 52 Week Low: 3.00
  • Currency: UK Pounds
  • Shares Issued: 85.68m
  • Volume: 0
  • Market Cap: £2.57m
  • RiskGrade: 369

TechFinancials reaches agreement to sell MarketFinancials

By Josh White

Date: Wednesday 16 Jan 2019

LONDON (ShareCast) - (Sharecast News) - Fintech software provider TechFinancials said on Wednesday that, further to its announcement on 1 March, it has entered into legally binding, conditional share purchase agreement with Cyprus-incorporated Proverial to sell its holdings in MarketFinancials.
The AIM-traded firm said the total consideration for the subsidiary, which the firm no longer considered to be core to its future strategy, would be €0.1m, subject to any closing balance sheet adjustments.

Until 28 February last year MarketFinancials - a company regulated by the Seychelles Financial Services Authority (SFSA) - was the provider of market maker services and risk management to B.O. Tradefinancials (BOT) - a subsidiary of the company that ceased its operation and returned its license to CySEC in May.

MarketFinancials' only source of income in 2018 was derived from the provision of market maker and risk management services to BOT and, as a result of the cessation of BOT's activities, the subsidiary had not traded since the end of last February.

As at 30 June, MarketFinancials had net assets of around $0.09m, and was held on the balance sheet of the group at nil carrying cost.

For the year to 31 December 2017, MarketFinancials made a net profit of about 0.05m.

Under the conditional share purchase agreement, TechFinancials will sell its entire shareholding in MarketFinancials to the buyer for a purchase price of €0.1m, based on nil net assets in MarketFinancials, and which would be adjusted accordingly on closing.

The company said the share purchase agreement was conditional on the consent of the SFSA, which was expected to be received no later than 30 June.

"We sought to dispose of the company's holding in MarketFinancials as we view these operations as being non-core to operations following the decision to step away from B2C operations in Europe," said TechFinancials chief executive officer Asaf Lahav.

"The company continues operating and serving businesses in the Asian market where the majority of revenue is generated.

"We are pleased to have now reached a solution and intend to reinvest the sale proceeds into building TechFinancials' new offering within the blockchain trading sector."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

TECH Market Data

Currency UK Pounds
Share Price 3.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 8.00
52 Week Low 3.00
Volume 0
Shares Issued 85.68m
Market Cap £2.57m
RiskGrade 369

TECH Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
40.88% above the market average40.88% above the market average40.88% above the market average40.88% above the market average40.88% above the market average
49.49% above the sector average49.49% above the sector average49.49% above the sector average49.49% above the sector average49.49% above the sector average
Price Trend
79.36% below the market average79.36% below the market average79.36% below the market average79.36% below the market average79.36% below the market average
73.83% below the sector average73.83% below the sector average73.83% below the sector average73.83% below the sector average73.83% below the sector average
Income Not Available
Growth
83.47% below the market average83.47% below the market average83.47% below the market average83.47% below the market average83.47% below the market average
88.24% below the sector average88.24% below the sector average88.24% below the sector average88.24% below the sector average88.24% below the sector average

TECH Dividends

No dividends found

Trades for --2019

Time Volume / Share Price
0 @ 0.000p

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