Fintech Asia Ltd on Friday said it obtained an unsecured committed facility of £1 million via a convertible loan note instrument with the noteholder IVC Estonia OU.
The investment company established to acquire businesses focused on improving the delivery and use of financial services in Asia said the convertible loan is intended to bridge the company’s general working capital requirements.
This is while Fintech Asia seeks to finalise due diligence and documentation in respect of its proposed acquisition of InvesCore Financial Group Pte Ltd.
IVC Estonia is also wholly-owned by InvesCore.
The convertible loan is also intended to help with the simultaneous re-admission of its enlarged share capital to the London Main Market.
Fintech Asia said the parties are making ‘good progress’ with the proposed acquisition.
It reiterated if the proposed acquisitions proceeds, this would constitute a reverse takeover, meaning the company’s listing remains suspended from trading on the Main Market, pending the publication of a prospectus and the successful re-admission of the enlarged group.
Fintech Asia said that, 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.
Fintech Asia said that it will make further announcements in ‘due course, as appropriate’.
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