TechFinancials’ shareholders approve delisting from LSE’s AIM

TechFinancials Inc (LON:TECH) has secured shareholders’ approval of the planned delisting of the company’s ordinary shares from AIM of the London Stock Exchange.

At the General Meeting of the Company held earlier today, all resolutions were passed with the requisite majority. Given this, the last day of dealings in TechFinancials’ Ordinary Shares will be January 17, 2020 and the admission to trading on AIM of TechFinancials’ Ordinary Shares will be cancelled at 7:00am on January 20, 2020.

The company’s Ordinary Shares will continue trading on NEX under the same TIDM, TECH.

TechFinancials reiterated its belief that the cancellation from AIM, with NEX becoming its sole listing, is in the best interest of the business. The company has taken the decision to make substantial adjustments to its operating structure and cost base while seeking to develop its newer blockchain based businesses.

Back in December, 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.