21st Jul 2015 09:52
LONDON (Alliance News) - Teathers Financial PLC on Tuesday said it plans to offer a "white label" version of its investor application to financial services organisations at some stage in the future.
The white label version of the app is intended to enable the financial services organisations to offer equity placings to their private investor clients.
"A number of expressions of interest have already been received in this technology, and the company believes that this could become an important source of revenue for Teathers in the future," Teathers said in a statement.
The development of the app is being outsourced, and Teathers owns the intellectual property rights to the software.
The app "is designed to provide private investors with stock market and quoted company information and importantly to enable qualified users to buy shares in initial public offerings and placings at the same price and on the same deal terms as institutional investors".
Teathers said it is in contractual negotiations with a partner for the operation of the app, including the basis for the sharing of commissions, as offering equity placings through the app requires the correct regulatory structures.
It expects the app to be functioning in the next few weeks.
Teathers also is looking for a new non-executive director as Oliver Fattal has become the company's part-time chief operating officer, meaning it no longer has any non-executive directors or independent directors.
Teathers shares were up 4.4% at 2.48 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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