TechFinancials’ delisting from LSE to be put to vote on January 10, 2020
TechFinancials’ Board considers that NEX is a more appropriate market given TechFinancials’ currently reduced size and its focus on new business streams.
The meeting is set to be held at 10:00 a.m. on January 10, 2020 at the offices of Grant Thornton UK LLP, 30 Finsbury Square, London EC2A 1AG. If the Cancellation Resolution is passed at the General Meeting, it is anticipated that the Cancellation will become effective at 7.00 a.m. on January 20, 2020. The last of trading in the Company’s Ordinary Shares on AIM will be January 19, 2020.
The Cancellation Resolution is conditional upon the approval of at least 75% of the votes cast by the shareholders.
Earlier in December, TechFinancials announced its plans to cancel the admission of the Ordinary Shares to trading on AIM and remain listed only on NEX.
The company believes the Cancellation from AIM, with NEX becoming its primary listing, is in the best interest of the business. Let’s note that TechFinancials has taken the decision to make substantial adjustments to its operating structure and cost base while seeking to develop its newer blockchain based businesses. The Board considers that NEX is a more appropriate market given TechFinancials’ currently reduced size and its focus on new business streams.
Earlier this month, TechFinancials explained that its 51% owned B2C subsidiary DragonFinancials has suffered from an increasingly challenging regulatory and business environment which has resulted in it incurring losses which started in 2018 and which have continued throughout H1 2019. The company has decided to close DragonFinancials with immediate effect in order to stem further losses.
TechFinancials said back then it was continuing to support customers of its B2B division but that it is reviewing the viability of the remaining B2B business and a further decision will be taken in due course.