14th Oct 2015 11:26
LONDON (Alliance News) - Teathers Financial PLC on Wednesday said it has invested GBP150,000 in a subsidiary responsible for developing a mobile application designed to enable private investors to take part in initial public offerings and placings of listed companies.
Teathers said it has plans to invest a further GBP350,000 in the subsidiary - Teathers Financial Software Ltd - subject to milestones which were not disclosed in the statement. Teathers said the investment will be financed by the issue of shares, and that it will continue to own the subsidiary in full for the time being.
"By revolutionising the way in which private investors and fund raisers can deal in listed companies, the innovative Teathers App has the potential to not only transform the crowd equity arena but also create substantial value for Teathers," Executive Chairman Jason Drummond said in a statement.
"We have been delighted with the response TFSL has received since launching the App a few weeks ago and our focus remains centred on building on the value of our investment in TFSL in line with our strategy of building a value generative portfolio of assets," Drummond said.
"We look forward to updating shareholders on our progress as TFSL continues to develop and commercialise the App, with a focus initially in the UK and EU, but wider global roll-out potential also identified."
Shares in Teathers were up 4.7% at 4.71 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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