Update on the Acquisition of Fiinu Holdings Ltd

RNS Number : 7531R

Immediate Acquisition PLC

07 July 2022

 

7 July 2022

Immediate Acquisition Plc

("IME", the "Group" or the "Company")

Update on the Acquisition of Fiinu Holdings Limited

Immediate Acquisition Plc (AIM: IME) is pleased to announce, further to the announcement dated 1 July 2022, that Fiinu 2 Limited ("Fiinu 2"), a subsidiary of Fiinu Holdings Limited ("Fiinu Holdings") has today received confirmation of its Part 4A deposit taking licence ("Banking Licence") from the Prudential Regulation Authority, with the consent of the Financial Conduct Authority. This will allow the Company to proceed with the completion of the Acquisition Agreements and Placing Agreement on the timetable as previously announced and set out further at the end of this announcement (as updated to take account of completed steps and the timetable as now anticipated following confirmation of the Banking Licence).

It is expected that the readmission of the Enlarged Issued Ordinary Share Capital to trading on AIM ("Admission") will take place at 8.00 a.m. on or around Friday 8 July 2022.

Fiinu 2 will be renamed Fiinu Bank Limited.

Further announcements will be made as appropriate.

For further information please contact:
Immediate Acquisition Plc Tim Hipperson, Non-executive Chairman Simon Leathers, Non-executive Director	Tel:  [phone]
SPARK Advisory Partners Limited (Nomad) Mark Brady Adam Dawes	Tel: [phone]
SP Angel Corporate Finance LLP (Broker) Abigail Wayne Matthew Johnson	Tel: [phone]
Buchanan Communications (Financial PR adviser) Chris Lane / Kim van Beeck / Jack Devoy	Tel: [phone]
Brazil London (Press office for Fiinu) Joshua Van Raalte / Christine Webb / Jamie Lester	Tel: [phone] Email: [e-mail]

Information on Fiinu

Fiinu Holdings, founded in 2017, is a technology platform and provider of consumer banking products.

Fiinu comprises two innovative businesses: Fiinu 2 (to be renamed Fiinu Bank Ltd), which holds the Banking Licence and will offer the group's flagship product, the Plugin Overdraft®, and Fiinu Ltd, a provider of financial technology and alternative data solutions.

Fiinu's Plugin Overdraft® is an unbundled overdraft solution, whereby Fiinu can provide its customers with an overdraft facility without them having to switch their current account with their present bank, giving customers access to affordable credit. Importantly, an overdraft does not negatively impact a consumer's credit score and helps avoid expensive "payday lenders", giving consumers the opportunity to build their credit rating.

Fiinu Ltd is the group's technology arm which will manage and develop the group's platform utilising data insights and analytics.

Expected Timetable of Principal Events

Publication of the Admission Document	15 June 2022
Expected completion of Acquisition, issue of the New Ordinary Shares, re-admission of the Enlarged Issued Share Capital and commencement of dealings on AIM	anticipated to be 8.00 a.m. on or about Friday 8 July 2022
Expected date for New Ordinary Shares to be credited to CREST accounts	anticipated to be 8.00 a.m. on or about Friday 8 July 2022
Despatch of definitive certificates for New Ordinary Shares	within 14 days of Admission

All of the above timings refer to UK time. All future times and/or dates referred to above are subject to change at the discretion of the Company and SPARK.

Any changes to the above dates and times will be communicated by the Company via RIS announcements.

 

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