Binary options platform and brokerage group TechFinancials Inc (LON:TECH) provided the market with an update last week relating to the sale of its shareholding in MarketFinancials Limited (MF).
The Company has agreed to extend the completion date of the conditional Share Purchase Agreement (the “SPA“) to sell its entire holdings in MF to 31 August 2019.
Leaprate reminds that, back in January, TechFinancials informed that it intends to sell its holdings in Seychelles Financial Services Authority (SFSA) regulated MarketFinancials Limited to Proverial, for a total consideration of 100,000 EUR.
The SFSA has given its approval in principle to M&N Equity Research Ltd (“M&N”), a Cypriot entity, to acquire MF. The original SPA with Proverial Ltd has also been assigned to M&N. With this, 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 SFCA consent and registration of the share transfer.
To this end, the Company and M&N have signed an amendment to the SPA which include provisions for M&N to pay additional expenses to the Company if the transaction, either completes after 30 June 2019, or does not complete due to M&N not receiving final consent from the SFCA.
Consequently, in the event the transaction does not complete, the Company will refund the consideration to M&N, less any costs incurred.