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Teathers Financial (TEA)

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Friday 16 October, 2015

Teathers Financial

Investment in Leni Gas Cuba Limited

RNS Number : 4470C
Teathers Financial PLC
16 October 2015
 

Teathers Financial Plc / Index: AIM / Epic: TEA / Sector: Investment

16 October 2015

Teathers Financial Plc ('Teathers' or 'the Company')

 

Investment in Leni Gas Cuba Limited

 

Teathers Financial PLC ('Teathers' or the 'Company'), the AIM listed investment company, is pleased to announce that it has invested £100,000 in Leni Gas Cuba Limited  ('LGC'), a company focused on developing projects or businesses with connections to, or relationships in Cuba.  It is primarily focused on opportunities in the oil and gas, as well as agribusiness, manufacturing, industrial, transport and logistics, biotech, construction, utilities, business services, support services, retail, and/ or tourism sectors.  

 

To date, LGC has acquired 15% of Petro Australis Limited ('Petrol Australis'), a company focused on sourcing oil and gas opportunities in Cuba.  On 3 September 2015 MEO Australia Limited ('MEO'), an ASX listed company, announced that it had executed the Cuba Block 9 Production Sharing Contract with the national oil company Cuba Petrόleo Union.  It also included a statement that it had pursued this opportunity in collaboration with Petro Australis and in the event that Petro Australis qualifies for participation in Cuba, it has an option, which it can exercise within 24 months, to secure up to a 40 per cent. participating interest in Block 9 by reimbursing its share of costs that MEO has incurred to date.

 

LGC has also acquired a strategic stake in Travelwelcome Limited ('Travelwelcome'), which, through its representative office in Havana, provides the services of a specialist Cuban ground handler, which works with other specialist travel companies around the world to assist with bespoke trips in Cuba. 

 

Jason Drummond Executive Chairman of Teathers said, "We continue to grow our portfolio of investments and we are delighted to have taken a strategic position in LGC which provides us with exposure to a high growth jurisdiction. We look for exciting and interesting opportunities that we believe have the ability to create significant shareholder value."

 

The £100,000 investment is in line with the Company's strategy to invest in 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 within 12 to 18 months of such investment.  It is being satisfied through the issue of 5,000,000 ordinary shares of 2p pence each in the issued share capital of Leni Gas Cuba Limited, representing approximately 1.02 per cent. of the issued share capital of LGC valuing Leni Gas Cuba Limited at approximately £9.8 million. As an early-stage company, Lenis Gas Cuba Limited is not presently profitable. Leni Gas Cuba Limited is a company incorporated in the British Virgin Islands and intends to seek a stock exchange listing in the near future.

 

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For further information please visit www.teathers.com or contact:

 

Jason Drummond

Teathers Financial Plc

 

+44 203 021 3466

Colin Aaronson / Jamie Barklem

Grant Thornton UK LLP

(Nominated Adviser)

 

+44 20 7383 5100

Lucy Williams / Duncan Vasey

Peterhouse Corporate Finance

(Broker)

 

+44 20 7469 0936

Charlotte Heap / Elisabeth Cowell

 

St Brides Partners Limited

+44 20 7236 1177

 

 

Notes:

Teathers Financial PLC is focused primarily on the investment in AIM or unquoted companies, joint ventures or individual projects.  The Company is led by highly experienced individuals with proven track records in the growth company arena.  It considers all sectors but is looking for stand out companies, which it believes it can also add value to. 

 

Amongst other investments, the Company has a 100% interest in Teathers Financial Software Ltd, which is looking to revolutionise the crowd equity arena for listed companies and empower private investors.  In essence it has developed proprietary technology to provide brokers and fundraisers with a secure, seamless and innovative platform to connect, offer and manage private investors in Placings and IPOs, crucially on the same terms as institutional investors.  The software, which runs across all major mobile platforms, also encourages ongoing user engagement by providing a real-time gateway for private investors and continual information on their portfolios.  FCA regulated Shard Capital have adopted the technology for the Teathers App to drive private investors to their fundraising initiatives.  The technology is available to be white-labelled to brokers and fundraisers who want to engage further with private individuals who potentially represent a supportive pool of capital.

 

 


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