Fiinu PLC Fundraising, Issue of Equity, Total Voting Rights (8630X)
28 April 2023 - 9:39AM
UK Regulatory
TIDMBANK
RNS Number : 8630X
Fiinu PLC
28 April 2023
28 April 2023
Fiinu Plc
("Fiinu", the "Company" or the "Group")
Fundraising, Issue of Equity and Total Voting Rights
Fiinu, a fintech company including the fully owned Fiinu Bank
Limited, creator of the Plugin Overdraft(R), announces that it has
conditionally raised GBP0.75 million, before costs, ("Fundraising")
in new equity funding ("New Ordinary Shares") following the
conversion of loan capital subject to admission of the New Ordinary
Shares to trading on the AIM Market of the London Stock Exchange
("Admission").
Fundraising
Further to the announcement on 15 March 2023, Fiinu has today
exercised its right to convert GBP0.75m of drawn down loans with
Dewscope Limited ("Dewscope") into New Ordinary Shares at a price
of 13 pence per New Ordinary Share resulting in the issue and
allotment of 5,769,230 New Ordinary Shares in the Company, together
with 303,644 new warrants to subscribe for further new ordinary
shares at a price of 20 pence per new ordinary share.
Further information on the Dewscope loan conversion
On 15 June 2022, the Company entered into an unsecured facility
agreement ("Dewscope Loan Agreement") with Dewscope (a company of
which Mark Horrocks is a director and is an indirect beneficiary),
pursuant to which Dewscope agreed to make available a loan facility
of up to GBP2.49 million for a period of two years (the
"availability period").
On 15 November 2022, GBP500,000 of the Dewscope Loan was drawn
down by the Company.
On 14 March 2023, the Company entered into a further agreement
with Dewscope ("Conversion Agreement") that allows for the Company
to elect to convert all or part of the GBP2.49 million of the
Dewscope Loan into New Ordinary Shares at a subscription price of
13 pence per New Ordinary Share.
In addition, new Warrants that are exercisable at 20 pence per
share into new ordinary shares at a ratio of 1 warrant for every 19
ordinary shares issued by the Company, will be issued to Dewscope
on conversion of the Dewscope Loan into New Ordinary Shares.
On 21 April 2023 a further GBP1.0 million of the Dewscope Loan
was drawn down by the Company, making a total drawdown to date of
GBP1.5 million.
Further announcements will be made as appropriate.
Admission and Total Voting Rights
The Fundraising is subject to Admission. The Company has the
authority to issue and allot the New Ordinary Shares pursuant to
certain existing shareholder authorities granting such powers to
the directors at the Company's General Meeting held on 20 February
2023. It is expected that Admission for the New Ordinary Shares
issued and allotted in respect of the Subscription will become
effective, and dealing in these New Ordinary Shares will commence,
at 8.00a.m, on or about 4 May 2023. Further announcements regarding
Admission of the New Ordinary Shares in respect of the Subscription
Facility and/or the Conversion Agreement will be made as
appropriate.
Following Admission of the New Ordinary Shares in respect of the
Subscription, the share capital of the Company will comprise
274,747,246 Ordinary Shares. The above figure of 274,747,246 may be
used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in Fiinu under the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) No 596/2014 ('MAR'), which is part of
UK law by virtue of the European Union (Withdrawal) Act 2018, until
the release of this announcement
ENDS
Enquiries:
Fiinu plc via Brazil London
Chris Sweeney, Chief Executive Officer (press office for
Philip Tansey, Chief Financial Officer Fiinu)
www.fiinu.com
SPARK Advisory Partners Limited (Nomad) Tel: +44 (0) 203 368
Mark Brady / Adam Dawes 3550
SP Angel Corporate Finance LLP (Joint Tel: +44 (0) 207 470
Broker) 0470
Matthew Johnson / Charlie Bouverat
(Corporate Finance)
Abigail Wayne / Rob Rees (Corporate
Broking)
Panmure Gordon (UK) Limited (Joint Tel: +44 (0)207 886
Broker) 2500
Stephen Jones / Atholl Tweedie (Corporate
Finance)
Tom Scrivens / Hugh Rich (Corporate
Broking)
Brazil London (press office for Fiinu) Tel: +44 (0) 207 785
Joshua Van Raalte / Christine Webb 7383
/ Jamie Lester Email: fiinu@agencybrazil.com
About Fiinu
Fiinu, founded in 2017, is a fintech group, including Fiinu
Bank({1]) , which is authorised by the Prudential Regulatory
Authority([1]) . Fiinu's Plugin Overdraft(R) is an unbundled
overdraft solution which allows customers to have an overdraft with
Fiinu Bank without changing their existing bank. The underlying
Bank Independent Overdraft(R) technology platform is bank agnostic,
allowing Fiinu Bank to serve all other banks' customers. Open
Banking allows Fiinu's Plugin Overdraft(R) to attach ("plugin") to
the customer's primary bank account, no matter which bank they may
use. Fiinu's vision is built around Open Banking, and it believes
that it increases competition and innovation in UK banking.
For more information, please visit
www.fiinu.com .
([1]) Fiinu Bank Limited obtained its UK deposit-taking banking
licence with restrictions from the Prudential Regulation Authority
(PRA) and with the consent of the Financial Conduct Authority (FCA)
in July 2022.
About Dewscope Limited
Dewscope Limited is a company of which Mark Horrocks is a
director and is an indirect beneficiary.
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END
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