Information  X 
Enter a valid email address

Teathers Financial (TEA)

  Print      Mail a friend

Monday 27 April, 2015

Teathers Financial

Disposal of Investment and App update

RNS Number : 3284L
Teathers Financial PLC
27 April 2015
 

 

27 April 2015

 

Teathers Financial Plc

("Teathers" or the "Company")

 

Disposal of Investment in TechFinancials Plc and update on App

 

Disposal

 

Teathers, the AIM quoted Investing Company with an Investing Policy to invest in AIM quoted companies either on flotation, through secondary offerings or by purchasing shares in the market and unquoted companies, joint ventures or projects which the Board believes will be seeking a quotation on AIM within 12 to 18 months of such investment, is pleased to announce that on 24 April 2015 it disposed of its entire investment in TechFinancials Plc ("TechFinancials") of 379,371 ordinary shares of US$0.0005 pence each, which was made on 16 March 2015, for a total of £121,145 in cash, realising a 21.1 per cent. profit (£21,145) on its original investment.

 

TechFinancials is a software developer, supplying a simplified trading solution to online brokers through whom its software is used by traders worldwide. It supplies software and services to brokers in the binary options market and has recently launched its simplified FOREX trading platform in beta version. It also operates its own online broker, www.OptionFair.com which enables TechFinancials to trial and evaluate products that it has under development. For the year ended 31 December 2013 TechFinancials reported an audited loss before tax of US$353,000 (31 December 2012: audited profit before tax of US$915,000) on turnover of US$8,385,000 (31 December 2012: US$8,895,000).  For the 6 month period ended 30 June 2014 TechFinancials reported an unaudited profit before tax of US$266,000 (unaudited 6 month period to 30 June 2013: loss before tax of US$862,000) on revenues of US$7,156,000 (unaudited 6 months to 30 June 2013: US$3,571,000). Unaudited net assets as at 30 June 2014 were US$2,396,000 (as at 30 June 2013: US$990,000). Further information on TechFinancials can be found on its website, www.techfinancials.com.

 

Teathers intends to use the proceeds of the disposal of its investment in TechFinancials for general working capital purposes to further its Investing Policy.

 

Update on App

 

Teathers is also pleased to announce that through the approval of its proprietary Crowd Equity Service and Mobile App ("App") the Company is developing an additional revenue stream through commission sharing with UK brokers. Teathers has commenced underwriting and securing allocations in certain initial public offerings and secondary placings through broker relationships for which the Company receives a commission ranging from 3 per cent. to 10 per cent. of the allocation underwritten. Equity in these underwritten deals is then offered on the same terms to private investors through the App (which is commission free to such private investors).

 

                 

Jason Drummond, Chairman commented; "Our investment in TechFinancials produced a significant return for shareholders and is indicative of the type of IPOs that we hope to invest in alongside private investors via our App".

 

 

For further information please contact:

 

 

Teathers Financial Plc

 

Jason Drummond, Executive Chairman

Tel: +44 207 148 0592

 

Beaumont Cornish Limited (Nominated Adviser & Joint Broker)

 

Roland Cornish / Emily Staples

Tel: 0207 628 3396

 

 

Peterhouse Corporate Finance (Joint Broker)

 

Lucy Williams / Duncan Vasey 

 

Tel: 020 7469 0936

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCQZLFLEZFFBBK

a d v e r t i s e m e n t