Business
Share Subscription Agreement and MOU
Share Subscription Agreement and MOU.
About this update from Rc365 Holding Plc
[{"type":"text","content":"\n \n \n 14 February 2023\n \n \n The following amendment has been made to the 'Share Subscription Agreement and Memorandum of Understanding with Hatcher Group Limited' announcement released on 14 February 2023 at 7:00am under RNS No 7642P:\n \n \n 'RC365 will issue 18,000,000 new Ordinary Shares of 1p each (\"Subscription Shares\") to Hatcher'.\n \n \n All other details remain unchanged.\n \n \n The full amended text is shown below.\n \n \n RC365 Holding Plc\n \n \n (\"RC365\" or the \"Company\")\n \n \n Share Subscription Agreement and Memorandum of Understanding with Hatcher Group Limited\n \n \n RC365 Holding Plc (\"RC365\"), a company focusing on payment gateway solutions and IT support and security services is pleased to announce that it has conditionally entered into a Share Subscription Agreement with Hatcher Group Limited (\"Hatcher\"), a company listed on the Growth Enterprise Market (\"GEM\") of the Hong Kong Stock Exchange. Hatcher is a financial services provider which provides corporate finance advisory services, placing and underwriting services and business consultancy services based in Hong Kong and has a market capitalisation of HK$976m. \n \n \n RC365 has also signed a Memorandum of Understanding (\"MOU\") with Hatcher to leverage on the combined expertise and resources of the two companies to collaborate on the research and development of smart algorithm technology and to provide intuitive asset recommendations and other potential fintech-based solutions.\n \n \n Under the Share Subscription Agreement, which is conditional on FCA approval, RC365 will issue 18,000,000 new Ordinary Shares of 1p each (\"Subscription Shares\") to Hatcher and in consideration, RC365 will receive 38,640,000 new Ordinary Shares of HK$0.90 each in Hatcher. The Subscription Shares to be issued, based on the current share price of 19p per share, have an aggregate value of £3.42m. The Consideration Shares have an aggregate value of HK$34.8m (GBP £3.66m based on the prevailing exchange rate) equivalent to HK$0.9 per share being a 10% discount to the latest price per share of HK$0.99 on GEM.\n \n \n Under the MOU, which is for an initial period of 24 months and can be extended upon both parties approval, both RC365 and Hatcher will collaborate in the research and development of smart algorithm technology to provide intuitive asset re...