Techstep ASA — Board/Management Information 2020

Mar 25, 2020

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RNS Number : 4550H

TechFinancials Inc.

25 March 2020

25 March 2020 

TechFinancials, Inc.

("TechFinancials" or "the Company")

CEDEX UPDATE AND BOARD CHANGES

As outlined in the circular issued on 18 December 2019 with regard to TechFinancial's investment in Cedex, the Company's Board has decided to exercise its option over Cedex Holdings Limited ("Cedex"). Following the exercise, TechFinancials will hold 97.3% of Cedex' issued share capital (90.81% on a fully diluted basis).  

The board will continue to seek ways to maximise its investment in Cedex and look for opportunities to commercialise the Cedex technology. The Company will consider selling all or part of its interest in Cedex to a third party if it believes that to be in the best interests of the Company.

In addition, the Company announces directorate changes.

Eitan Yanuv, the current independent Non-Executive  Director, will become the Non-Executive Chairman of the Company from April 1st, 2020.  Eitan has been Chairman of the Audit Committee for the past 5 years and has vast existing experience of the Company.

He replaces Chris Bell who has been the Non-Executive Chairman since IPO, and  who is now stepping down from 1st April, 2020.

Asaf Lahav, CEO commented: "We wish Chris our best for the future and thank him for his major contribution to the Company."

The Directors of the Company accept responsibility for the contents of this announcement. 

--ENDS-- 

For further information, please contact: 

TechFinancials, Inc.
Asaf Lahav, Group Chief Executive Officer	+972 54 5233 943
Yuval Tovias, Chief Financial Officer  www.group.techfinancials.com
Peterhouse Capital Limited (AQUIS Corporate Adviser and Broker)
Guy Miller and Allie Feuerlein                                                                           +44 (0) 20 7469 0930

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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