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Teathers Financial (TEA)

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Tuesday 21 July, 2015

Teathers Financial

Operational Update

RNS Number : 5702T
Teathers Financial PLC
21 July 2015
 

 21 July 2015

 

Teathers Financial Plc

 

("Teathers" or the "Company")

 

Operational Update

                

 

 

Teathers, an AIM quoted Investing Company is pleased to provide shareholders with the following operational update:

 

Investing Policy

 

Since becoming an Investing Company under the AIM Rules Teathers has made a number of investments in accordance with its Investing Policy.  The Investing Policy, which was approved by Shareholders at a general meeting on 3 December 2014, is 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. Of the investments that Teathers has made to date a number, including Xtract Resources Plc, Advanced Oncotherapy Plc and Jubilee Platinum Plc, have been disposed of creating value for shareholders. Other investments, such as Kefi Minerals Plc and EMED Mining Public Limited, are viewed by the Company to be longer term investments. Teathers continues to seek out further investments which fall within the scope of its Investing Policy and will continue to update shareholders, as appropriate, in accordance with the AIM Rules.

 

Teathers crowd equity service and mobile app ("App")

 

As part of its Investing Policy, as set out in the circular to shareholders dated 12 November 2014, Teathers stated that it intended to develop a software application service to help the Company to identify market fundraisings of which it would otherwise not be aware. Teathers launched the Teathers crowd equity app at the UK Investor Show 2015 held on 18 April 2015.

 

The App, the development of which is now predominantly being outsourced, but for which Teathers owns the intellectual property rights, is designed to provide private investors with stock market and quoted company information and importantly to enable qualified users to buy shares in initial public offerings and placings at the same price and on the same deal terms as institutional investors.

 

The App is free to download from iTunes Connect (Apple), Google Play and Android. It should however be noted that the offering of equity placings through the App is an activity requiring an appropriate Financial Conduct Authority ("FCA") regulated structure. To that end the Company is currently in contractual negotiations with a partner for the operation of the App, including the basis for the sharing of commissions, and anticipates that the App will be functional in the next few weeks.

 

Once operational, the App is intended to create a revenue stream for Teathers and will support Teathers' main investing activities under its Investing Policy. It is still intended that investment through the App by qualifying investors will be commission free.

 

It is further anticipated that a "white label" version of the App will be offered to financial services organisations in the future, enabling them to offer equity placings they are conducting to their private investor clients.  A number of expressions of interest have already been received in this technology and the Company believes that this could become an important source of revenue for Teathers in the future.

 

Board

 

In order to progress the Company's Investing Policy and the development of its App, Oliver Fattal has become more involved in the day to day operations of Teathers and its investment activities.  Oliver Fattal, who has been on the Board of the Company in various capacities since March 2011, most recently and since 16 December 2013 as a Non-Executive Director, is therefore being appointed, with immediate effect, as the Company's part-time Chief Operating Officer, an Executive Director position as opposed to his previous Non-Executive Director role.

 

To reflect Oliver Fattal's increased responsibilities as an Executive Director he will be paid a salary commensurate with his position of £45,000 per annum, such salary being backdated to 1 July 2015. The fee paid to Oliver Fattal of £15,000 for the year ended 31 October 2014 will be offset against Oliver's salary for the year ended 31 October 2015.

 

The Board is aware that given Oliver Fattal's change in board position from a Non-Executive Director to an Executive Director the Company no longer has a Non-Executive Director on the board nor does it have any independent directors on the Board. The Board is therefore actively looking to appoint an independent Non-Executive Director to the Board as soon as practicable.

 

Interim Results

 

Teathers will release its unaudited interim results for the six months ended 30 April 2015 by the end of July 2015.

 

 

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: 020 7628 3396



Peterhouse Corporate Finance (Joint Broker)


Lucy Williams / Duncan Vasey 

 

Tel: 020 7469 0936

IFC Advisory (Financial PR and IR)


Tim Metcalfe / Graham Herring / Heather Armstrong

Tel: 020 3053 8671

 

 

 


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