REG - Fiinu PLC - Fundraising, Issue of Equity, Total Voting Rights

FiinuAnnouncement

28/04/2023 08:45

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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®, announces that it has conditionally raised £0.75
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 £0.75m 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 £2.49 million for a period of two
years (the "availability period").

On 15 November 2022, £500,000 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 £2.49 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 £1.0 million of the Dewscope Loan was drawn down
by the Company, making a total drawdown to date of £1.5 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 (press office for Fiinu)

 Chris Sweeney, Chief Executive Officer

 Philip Tansey, Chief Financial Officer

 www.fiinu.com (http://www.fiinu.com/)
 SPARK Advisory Partners Limited (Nomad)                  Tel:  +44 (0) 203 368 3550

 Mark Brady / Adam Dawes
 SP Angel Corporate Finance LLP (Joint Broker)            Tel:  +44 (0) 207 470 0470

 Matthew Johnson / Charlie Bouverat (Corporate Finance)

 Abigail Wayne / Rob Rees (Corporate Broking)

 Panmure Gordon (UK) Limited (Joint Broker)               Tel:  +44 (0)207 886 2500

 Stephen Jones / Atholl Tweedie (Corporate Finance)

 Tom Scrivens / Hugh Rich (Corporate Broking)
 Brazil London (press office for Fiinu)                   Tel:  +44 (0) 207 785 7383

 Joshua Van Raalte / Christine Webb / 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® 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® technology platform is bank agnostic,
allowing Fiinu Bank to serve all other banks' customers. Open Banking allows
Fiinu's Plugin Overdraft® 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 (http://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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