Information  X 
Enter a valid email address

Teathers Financial (TEA)

  Print      Mail a friend

Monday 16 March, 2015

Teathers Financial

Investment

RNS Number : 5246H
Teathers Financial PLC
16 March 2015
 

 

16 March 2015

 

Teathers Financial Plc

("Teathers" or the "Company")

 

Investment in TechFinancials Plc

 

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 it has today invested £100,000 in cash in TechFinancials Plc ("TechFinancials") in consideration for 379,371 ordinary shares of US$0.0005 pence each in the issued share capital of TechFinancials (representing approximately 0.56 per cent. of the issued share capital of TechFinancials). TechFinancials commenced trading on AIM today.

 

TechFinancials is a software developer, supplying a simplified trading solution to online brokers through whom its software is used by traders worldwide. At present 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.

 

Jason Drummond, Executive Chairman of Teathers, commented: "We are delighted to have taken a strategic investment into this high growth sector. It is complementary to our strategy of investing in IPO opportunities which we believe have the potential to create shareholder value. The Board believes that TechFinancials is well positioned to capitalise and expand into this new and rapidly growing sector."

 

 

For further information please contact:

 

Teathers Financial Plc


Jason Drummond, Executive Chairman

Tel: 0207 148 3008

 

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
 
 
MSCGGUAUWUPAGGQ

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