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TechFinancials mulls share issue as payment in Optionfortune JV

Binary options platform provider TechFinancials is considering to issue shares, which it would use as a payment in the recently-announced joint venture (JV) with the owner of Hong Kong-registered Optionfortune Trade, a filing with the London stock exchange indicated.

 

The group’s shareholders have agreed to allow the issuance of shares “as payment for the acquisition of another corporate entity, as payment for the acquisition of securities of another corporate entity, and/ or as consideration in a joint venture to other parties in such joint venture, provided that such shares shall not exceed 6% of the issued shares of the Company in any single transaction.”

 

The JV deal is in line with the software developer’s strategy to expand in new markets and position itself in penetrate markets with significant high growth potential, including the Asia Pecific region, TechFinancials CEO Asaf Lahav was quoted as saying.

 

Under the JV deal, which was announced late last month, TechFinancials may be required to issue shares to the owners of Optionfortune, depending on the financial results of the JV for 2016 and 2017. Optionfortune‘s owner, on the other hand, will transfer its trading platform activity and all other intangible assets related to its operation to the JV.

 

The JV will be 51%-owned by TechFinancials and the remaining 49% will be in the ownership of Optionfortune Trade’s owner. The new entity will run a B2C binary options trading platform focused on the Asia Pacific market. It is the result of a cooperation between the two companies, started in 2013, when the Optionfortune established a binary options brand using TechFinancials' B2B software.

 

TechFinancials provides trading solutions to online brokers, In 2014, around 18% of all deposits which were made to trade binary options globally were processed using TechFinancials' software.

 

TAGS: jv  joint venture  techfinancials  optionfortune  share issue  binary options 
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