TechFinancials updates on sale of loss-making MarketFinancials

Maria Nikolova

The company has agreed to extend the completion date of the agreement to sell its entire holdings in MF for €100,000 to August 31, 2019.

TechFinancials Inc (LON:TECH) has provided an update on the planned sale of its non-core loss-making asset MarketFinancials Limited.

As FinanceFeeds has reported, the sale remains conditional on the consent of the Seychelles Financial Services Authority. This approval was initially required under the sale purchase agreement by June 30, 2019.

In an announcement on Friday, June 28, 2019, TechFinancials said it had agreed to extend the completion date of the conditional Share Purchase Agreement to sell its entire holdings in MF for €100,000 to August 31, 2019.

The Seychelles Financial Services Authority has given its approval in principle to M&N Equity Research Ltd, a Cypriot entity, to acquire MF. The original Share Purchase Agreement with Proverial Ltd has also been assigned to M&N. TechFinancials says M&N wishes to proceed with the transaction and has paid the full purchase price to the company.

Completion of the acquisition remains subject to, inter alia, the full Seychelles Financial Services Authority consent and registration of the share transfer. To this end, the Company and M&N have signed an amendment to the agreement which include provisions for M&N to pay additional expenses to TechFinancials if the transaction, either completes after June 30, 2019, or does not complete due to M&N not receiving final consent from the Seychelles Financial Services Authority. Consequently, in the event the transaction does not complete, TechFinancials will refund the consideration to M&N, less any costs incurred.

The sale of the company’s subsidiary MarketFinancials Limited for a consideration of €100,000 was initially announced in January 2019. Until February 28, 2018, MarketFinancials was the provider of market maker services and risk management to B.O. Tradefinancials (BOT), a binary options business. MarketFinancials’ only source of income in 2018 was derived from the provision of market maker and risk management services to BOT and, as a consequence of the cessation of BOT’s activities, MF has not traded since the end of February 2018.

As at end-June 2018, MarketFinancials had net assets of approximately US$88,600 and was held on the balance sheet of the Group at nil carrying cost. For the year to December 31, 2017, it made a net profit of approximately US$45,600.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<