Business
Final Results and Publication of Annual Report
Final Results and Publication of Annual Report.
About this update from Moh Nippon Plc.
[{"type":"text","content":"\n\n \nThis announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).\n \n23 August 2024\n \nMOH Nippon Plc\n(formerly Bowen Fintech Plc)\n(the \"Company\")\n \nFinal Results and Publication of Annual Report\n \nMOH Nippon Plc (LSE: MOH)(formerly Bowen Fintech Plc), a crowdfunding services provider for real estate investment in Japan, announces its final results and the publication of its annual report for the year ended 30 April 2024. \n \nHighlights\n· Signed a conditional term sheet to acquire, via reverse takeover, a Japan-based crowdfunding services platform, Minnadeooyasan-Hanbai Co., Ltd (\"MOH\")\n· Post year end, on 19 August 2024, completed the acquisition of 97.41% of MOH in consideration for new ordinary shares in the Company\n· On admission of the enlarged issued share capital, the Company had a market valuation of £42.3 million\n· MOH is an established and profitable crowdfunding services platform in Japan and solution provider for local investors seeking returns from investment into real estate\no Successfully solicited investments from almost 40,000 individual investors in Japan and raised capital of approximately JPY 277 billion (c. £1.45 billion) through crowdfunding\no As at 31 May 2024, MOH's unaudited net assets were JPY 4.8 billion (c. £25.2 million)\n· The Directors intend to adopt a strategy to develop the existing operations of MOH, increasing its client base and developing its cold-chain logistics business\n \n \nAamir Quraishi, Non-Executive Chairman of MOH, said: \"As a special purpose acquisition company, we were delighted to succeed during the year in identifying, in MOH, an excellent target for acquisition and to enter an agreement where the offer price represented a 25% premium to our prevailing share price. With the acquisition having completed post year end, we are excited to embark on this new phase and we are now working to execute the Company's growth strategy, leveraging the Board's considerable experience and networks to develop the existing business and explore significant opportunities in cold-cha...