TechFinancials completes transfer of shares to joint venture partner

Financial trading broking technology provider TechFinancials announced the completion of the transfer of 3,868,615 ordinary shares of $0.0005 to the owners of its joint venture partner, Optionfortune, on Monday.

The AIM-traded firm had announced on 8 June 2016 that the shares were held on deposit with a third party escrow company, pending determination of the 2016 results of the joint venture company.

“As the joint venture has exceeded its target of net profit $2m, the shares will be transferred to the owners of Optionfortune in full,” the board said in a statement.

Application had been made for the 3,868,615 ordinary shares, which would rank pari passu with the company's existing issued ordinary shares, to be admitted to trading on the AIM market.

Dealings on AIM were expected to commence at 0800 BST on or around 31 March.

Following admission, the issued share capital of the company would comprise 72,542,166 ordinary shares with voting rights attached, and none held in treasury.