4 days ago
Finu to acquire Everfex
The Directors of Fiinu plc (AIM: BANK) are pleased to announce that, further to the temporary suspension of trading announcement earlier today, the Company has now entered into the Acquisition Agreement for the proposed acquisition of Everfex P.S.A ("Everfex") ("Proposed Acquisition"), which constitutes a reverse takeover under AIM Rule 14.
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In addition it has entered into the Introduction Agreement, Granicus Holdings Relationship Agreement, Lock in Agreements and certain new service agreements which include details of long-term incentive arrangements for the CEO and a proposed director. Fiinu has also entered into the Subscription Agreements in respect of the conditional subscription for 8,010,000 new ordinary shares at a price of 10p per share and received in aggregate £801,000 of subscription proceeds thereunder. Details of all these agreements, which are all conditional on Admission, will be included in the Admission Document, together with a Notice of a General Meeting which is to be convened to approve the Proposed Acquisition.
Related Party Transaction
The new service agreement and contract for services described in paragraph 8.1 of Part IX of the Admission Document and the long-term incentive arrangements with Dr Sjoblom, as referred to in paragraph 20 of Part I of the Admission Document, which are conditional on Admission, are related party transactions for the purposes of the AIM Rules. The Company's independent directors, being for this purpose all the Existing Directors other than Dr Sjoblom, having consulted with the Company's nominated adviser SPARK Advisory Partners Limited, consider that the terms of his new service agreement and that the long-term incentive arrangements are fair and reasonable insofar as the Company's shareholders are concerned.
The Admission Document, Notice of General Meeting and Form of Proxy are expected to be published and posted to shareholders later today.
