TIDMBANK

RNS Number : 7677R

Immediate Acquisition PLC

08 July 2022

8 July 2022

Immediate Acquisition Plc (to be renamed Fiinu Plc)

(or the "Company")

Admission to Trading on AIM and First Day of Dealings

Immediate Acquisition plc (AIM: BANK) (to be renamed Fiinu plc), is pleased to announce the readmission of its shares to trading on AIM ("Admission") following completion of the reverse takeover of Fiinu Holdings Limited ("Fiinu" and the enlarged group following Admission being the "Group"), a fintech company and creator of the Plugin Overdraft(R).

About Fiinu

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

Fiinu comprises two innovative businesses: Fiinu 2 Ltd (to be renamed Fiinu Bank Ltd) ("Fiinu 2"), which has been granted Part 4A Permission from the UK regulators and will offer the Group's flagship product, the Plugin Overdraft(R), and Fiinu Ltd, a provider of financial technology and alternative data solutions.

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 analytics.

Following the receipt of the deposit taking licence from the UK regulators on 7 July 2022, Fiinu 2 has entered a mobilisation period which is expected to last for up to 12 months. Mobilisation is an optional stage in which new banks, once authorised, operate with deposit restrictions while they complete their set up before starting to trade fully. During mobilisation, the Group will update investors as and when it completes various mobilisation actions, for example:

-- advancing its operational capabilities (for example, securing further investment for when it exits mobilisation);

   --      recruiting senior managers and other staff; 
   --      building out control functions such as risk, internal audit and compliance; 
   --      investing in and testing IT systems; 
   --      committing to third-party suppliers etc.; and 

-- finalising the firm's recovery plan and solvent wind-down plan, while the PRA/FCA will continue their assessments of whether the Group is ready to exit mobilisation and become fully operational.

During mobilisation, the amount of total deposits that a new bank can accept is limited to a total of GBP50,000. A new bank can exit the mobilisation phase by submitting a Variation of Permission to the PRA and the FCA, having submitted evidence that all actions set out in its authorisation letter, and any other actions requested from the firm during mobilisation, have been completed.

Chris Sweeney, CEO of Fiinu and incoming CEO of the Company, commented: "We are very proud to be joining AIM today. This move to the public markets completes the next step in Fiinu's growth plan. We are confident that we have both an innovative new product in our Plugin Overdraft and a market that desperately needs a responsible, easy to access credit. We have an exciting opportunity ahead of us and being a quoted business will allow us to capitalise on this and accelerate our growth plans."

Placing Highlights

The Company has successfully raised GBP8.01 million (before expenses) via a placing of 40,050,000 new ordinary shares at an issue price of 20 pence per share (the "Placing"). The net proceeds of the Placing will be used in combination with the Company's existing capital resources for regulatory capital, investment in technology and general operating expenses.

SPARK Advisory Partners Limited is acting as Nominated Adviser and SP Angel Corporate Finance LLP is acting as broker in relation to Admission.

The ISIN of the Ordinary Shares is GB0033881904 , the SEDOL of the Ordinary Shares is 3388190 and the Company's LEI number is 213800XSRH9SNN1EXX92.

Total Voting Rights

The number of shares in issue immediately after Admission is 265,131,861 giving the Company a market capitalisation of approximately GBP53 million at the issue price of 20 pence per share. Admission took place at 8.00 a.m. today, 8 July 2022.

The Company holds no shares in treasury and therefore the figure above 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, or a change to their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

Change of Name and TIDM

The Company's TIDM has changed to "BANK" with effect from Admission. The Company has today resolved to change its name to Fiinu plc ("Change of Name"), the Change of Name is being processed by Companies House and will take effect on the London Stock Exchange once this has occurred.

Directorate Changes

As set out in the Company's Admission Document dated 15 June 2022, Tim Hipperson (Non-Executive Chairman) and Mark Horrocks (Non-Executive Director) have today stepped down from the Board of Directors. Simon Leathers (Non-Executive Director) will remain in his position.

In addition to Simon Leathers, the following have been appointed to the Board of Directors with effect from Admission:

David Hopton - Non-Executive Chairman

Chris Sweeney - Chief Executive Officer

Marko Sjoblom - Founder and Executive Director

Philip Tansey - Chief Financial Officer

Jerry Loy - Independent Non-Executive Director

Huw Evans - Independent Non-Executive Director

Full details of the Directors are given in the Company's Admission Document dated 15 June 2022. There are no further disclosures to be made pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies.

Tim Hipperson, departing Non-Executive Chairman, commented: "I, along with my colleague Mark Horrocks, as departing directors, would like to wish Simon Leathers and the Fiinu team the very best on their future endeavours. We are proud of what the Company has achieved in completing the reverse takeover of Fiinu and have every confidence the executive team will deliver significant long-term value for the Company's shareholders"

Change of Registered Office

With effect from Admission, the Company's registered office has changed to Abbey House, Wellington Way, Weybridge KT13 0TT.

 
 
   For further information please contact: 
 Immediate Acquisition Plc (to be renamed        via Brazil London 
  Fiinu plc) 
  David Hopton, Non-Executive Chairman 
  Chris Sweeney, Chief Executive Officer 
 SPARK Advisory Partners Limited (Nomad)         Tel: +44 (0) 203 368 3550 
  Mark Brady 
  Adam Dawes 
 SP Angel Corporate Finance LLP (Broker)         Tel: +44 (0) 207 470 0470 
  Abigail Wayne 
  Matthew Johnson 
 Buchanan Communications (Financial              Tel: +44 (0) 207 466 5000 
  PR adviser)                                     Email: Fiinu@buchanan.uk.com 
  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: fiinu@agencybrazil.com 
  / Jamie Lester 
 

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July 08, 2022 03:14 ET (07:14 GMT)

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