Shareholders in binary platform provider and operator TechFinancials Inc (LON:TECH) have voted in favor of proposals regarding the financing of the new binary options joint venture whose establishment was agreed with Hong Kong-registered Optionfortune Trade Limited in October this year.
At a General Meeting held earlier today all resolutions put to shareholders were duly passed.
This means that shareholders gave their consent for an amendment to TechFinancials’ current Articles of Association to allow for the issuance of shares, on a non-pre-emptive basis, as consideration in the joint venture. The amendment will facilitate TechFinancials to complete the establishment of the joint venture. Under the current JV agreement, TechFinancials may be required to issue shares to the owners of Optionfortune, conditional upon the financial results of the JV for the years 2016 and 2017.
Asaf Lahav, CEO of TechFinancials, said,
“The Board is very pleased that our shareholders support the Company’s decision to establish a joint venture with the owners of Optionfortune. The Board believes that this JV will strengthen the long-term sustainability and consistency of our growth expectations while generating extra cash flow. This JV is in keeping with TechFinancials’ IPO strategy to grow our business into new territories and markets, and to expand the Group’s presence in the high growth markets, such as the Asia Pacific region.”
You can view the official announcement about the outcome of the General Meeting by clicking here.