29th Apr 2016 10:21
LONDON (Alliance News) - Teathers Financial PLC on Friday said it has decided against pursuing an acquisition it recently highlighted but said talks on new financing are ongoing.
Teathers said in April it was in talks with a possible takeover target which would have synergies with its Teathers Financial Software Ltd investee company, which owns the Teathers fundraising app.
This deal will no longer go ahead and the talks have been terminated, Teathers said on Friday.
In the same announcement in April, Teathers said it was holding talks with a potential investor who has indicated an interest in investing GBP1.0 million into the company, which would help the group to fund the development of the Teathers app without having a stock market listing.
Teathers has said it is unlikely to secure a reverse takeover in time to fulfil its investing policy, meaning its shares will be cancelled from AIM on June 4.
On Friday, Teathers said the talks with the potential financier are ongoing and it will convene a shareholder meeting to vote on the company's future at the earliest possible opportunity.
Teathers shares are currently suspended.
By Sam Unsted; [email protected]; @SamUAtAlliance
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