New shares issued

TechFinancials Directors and Officers Increase Direct Shareholding

A number of former employees of the company have also exercised their options for a total of 500,000 shares

Binary options trading software developer TechFinancials (LON:TECH) has filed a set of regulatory announcements with the London Stock Exchange revealing a revamp in the shareholder structure of the company.

A number of Executive Directors and Officers of the Group including Asaf Lahav, Jeremy Lange, Eyal Alon, Eyal Rosenblum and Yuval Tovias, have ramped up their direct shareholding in TechFinancials (LON:TECH) by purchasing shares held by NetMavrik Ltd.

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The holding company has been controlled by different shareholders, including the Executive Directors and Officers of the AIM (Alternative Investments Market) listed tech company.

A total of 1,346,314 ordinary shares of US$0.0005 have been acquired at 14.5p per share, representing a 26.1% premium to the closing price of TechFinancials ordinary shares of 11.5p on November 4, 2015.

After the transfer of the shares the holdings of NetMavrik were substantially reduced. The holding company remains a minor shareholder with 114,386 Ordinary Shares, representing 0.167% of the total number Ordinary Shares in issue (68,628,222).

Commenting on the announcement the Chief Executive Officer (CEO) of TechFinancials, Asaf Lahav, said, “The Directors and Officers of TechFinancials are delighted to announce the increase in our direct shareholding in the Company. Our agreement to purchase shares at premium to market price is further evidence of our confidence in the prospects of the Company.”

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Former Employees Exercise Options

A separate announcement detailed that some former employees of TechFinancials (LON:TECH) have exercised 647,789 options pursuant to the 2014 employee share option plan, effectively acquiring 438,813 ordinary shares of US$0.0005 in consideration of the cancellation of the balance of 208,976 options.

The above mentioned shareholders have no more outstanding options over Ordinary Shares. A total of 2,028,820 warrants and options exercisable at prices ranging from $0.083 to $0.416 per Ordinary Share and 700,000 2013 options exercisable at par value per Ordinary Share remain in play.

TechFinancials (LON:TECH) has applied for the admission of the new 438,813 Ordinary Shares to trading on AIM. The admission is expected to take place on or around the 11th of November, 2015.

After the placement the company will have 68,628,222 Ordinary Shares in issue.

Shares of TechFinancials (LON:TECH) have trended lower to mark in all-time low of 10.15 pence per share on the 2nd of November. The decline unfolded in the aftermath of the announcement of the company’s third-quarter results that saw EBITDA and operating profits drop.

Last month, the company announced a joint venture with Hong Kong incorporated marketing company, Optionfortune Trade Limited, which is operating a number of trading brands focused on the Asian market.

TechFinancials (LON:TECH) has been focusing its expansion efforts on Asia since the beginning of 2014.

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