Immediate Acquisition PLC 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
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 Tel: +44 (0) 203 515 0233
Tim Hipperson, Non-executive Chairman
Simon Leathers, Non-executive Director
SPARK Advisory Partners Limited (Nomad) Tel: +44 (0) 203 368 3550
SP Angel Corporate Finance LLP (Broker) Tel: +44 (0) 207 470 0470
Buchanan Communications (Financial Tel: +44 (0) 207 466 5000
Chris Lane / Kim van Beeck / Jack Devoy
Brazil London (Press office for Fiinu) Tel: +44 (0) 207 785 7383
Joshua Van Raalte / Christine Webb Email: email@example.com
/ Jamie Lester
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(R), and
Fiinu Ltd, a provider of financial technology and alternative data
Fiinu's Plugin Overdraft(R) 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
Expected Timetable of Principal Events
Publication of the Admission Document 15 June 2022
Expected completion of Acquisition, issue anticipated to be
of the New Ordinary 8.00 a.m. on or
Shares, re-admission of the Enlarged Issued about Friday 8 July
Share Capital and 2022
commencement of dealings on AIM
Expected date for New Ordinary Shares to anticipated to be
be credited to CREST accounts 8.00 a.m. on or
about Friday 8 July
Despatch of definitive certificates for within 14 days of
New Ordinary Shares 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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(END) Dow Jones Newswires
July 07, 2022 11:57 ET (15:57 GMT)
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