Business
Convertible Loan Facility
Convertible Loan Facility.
About this update from Icfg Limited
[{"type":"text","content":"\n\n8 September 2023\nFINTECH ASIA LIMITED\n(\"Fintech Asia\" or the \"Company\")\nConvertible Loan Facility\n \nFintech Asia, (LON:FINA) a company established to acquire one or more companies or businesses in the financial technology sector, focused on improving the delivery and use of financial services in Asia, announces that the Company has obtained an unsecured committed facility of £1 million via a convertible loan note instrument dated 8 September 2023 between the Company and IVC Estonia OÜ (the \"Noteholder\") (the \"Convertible Loan\").\nThe Convertible Loan is intended to bridge the Company's general working capital requirements, to the extent required, as the board seeks to finalise due diligence and documentation in respect of its proposed acquisition of the entire issued share capital of InvesCore Financial Group Pte. Ltd. (\"InvesCore\") (the \"Proposed Acquisition\") and the simultaneous re-admission of its enlarged share capital to the Standard Segment of the Official List maintained by the FCA and readmitted to trading on the Main Market of the London Stock Exchange (\"Re-Admission\") (the \"Transaction\"), as announced on 14 March 2023. The Noteholder is 100 per cent. owned by an existing shareholder of InvesCore.\nThe parties are making good progress with the Proposed Acquisition. As previously announced, should the Proposed Acquisition proceed on the currently envisaged terms, it would be classified as a reverse takeover in accordance with the FCA's Listing Rules. Accordingly, the Company's listing on the Standard Segment of the Official List remains suspended from trading on the Main Market of the London Stock Exchange pending the publication of a prospectus and the successful Re-Admission of the enlarged group. If the Transaction does not complete for any reason, it is expected that the suspension of the Company's listing will be lifted subject to FCA approval and trading in Fintech Asia's shares will recommence.\nThe Company will make further announcements in due course, as appropriate.\nOverview of the Convertible Loan\nThe £1 million Convertible Loan will be made available on the following terms:\n· the Company to draw the loan in three tranches:\n- £350,000 on 12 September 2023;\n- £350,000 on 2 October 2023; and\n-...