Fiinu Ltd signed a non-binding heads of agreement to acquire Immediate Acquisition Plc (AIM:IME) in reverse merger transaction for ú37.5 million in August 2021. Fiinu Ltd signed an agreement to acquire Immediate Acquisition Plc in reverse merger transaction for ú37.5 million on June 14, 2022. The Placing will comprise a placing of approximately 40 million new ordinary shares in the Company at ú0.20 per share. IME existing shares are 37.6 shares and shares issued to Finnu is 187.5 million and the placing shares issued by IME will be around 40 million which leads to total shares of IME is 265.13 million. The Company is proposing to change its name to "Fiinu Group plc" upon completion of a reverse takeover of Fiinu Holdings Limited. Fiinu has two subsidiaries - Fiinu 2 Ltd ("Fiinu 2") (to be renamed Fiinu Bank Limited on Admission) and Fiinu Services Ltd (Fiinu Services"). IME (to be renamed Fiinu Group plc) will be the issuer, with the current Fiinu business acting as the sole operator. Following Admission, IME will own 100% of Fiinu Holdings Limited which will have two subsidiaries - Fiinu Bank Limited and Fiinu Services Limited. On completion of the Proposed Acquisition,it is intended that David Hopton, Chris Sweeney, Philip Tansey, Marko Sjoblom and Huw Evans will be appointed to the Board. The Board will include four Independent Non-Executive Directors and three Executive Directors. Simon Leathers, an existing director of the Company will remain a director following completion. The Proposed Acquisition will constitute a reverse takeover under the AIM Rules for Companies and will also require a Rule 9 Waiver as a result of the issue of consideration shares to certain of the Sellers who have been deemed to constitute a Concert Party for the purposes of the City Code on Takeovers and Mergers. The Placing and Proposed Acquisition are both subject to shareholder approval and it is proposed that the enlarged issued share capital of the Company will be admitted to trading on AIM. Transaction requires granting of the required approvals and confirmations from the PRA and the FCA in respect of the confirmation of the Banking Licence ("Regulatory Approvals") and the Placing and Admission becoming effective on or before 9 July 2022. It is expected that Admission will take place on or around July 8, 2022. Immediate Acquisition plc is currently an AIM Rule 15 cash shell. At a general meeting on July 1, 2022, shareholders approved the acquisition of Fiinu Holdings Limited and Confirmation of the Banking License is expected shortly and will take place prior to Admission, at which time the Acquisition, and the Placing Agreement, will complete. On July 1, 2022, at GM, the Directors decided to withdraw Resolution 5, which proposed to change the name of the Company from Immediate Acquisition Plc to Fiinu Group Plc. The Company now plans to change the name of the Company to "Fiinu Plc". This name change will need to be registered at Companies House before it becomes effective at the London Stock Exchange. Transaction is expected to complete on anticipated to be 8.00 a.m. on or about the Business Day following confirmation of the Banking Licence. As of July 7, 2022, the paarties received confirmation of its Part 4A deposit taking licence ("Banking Licence") from the Prudential Regulation Authority, with the consent of the Financial Conduct Authority.
Mark Brady and Neil Baldwin of SPARK Advisory Partners Limited acted as financial advisors to Immedia Group Plc.
Fiinu Ltd completed the acquisition of Immediate Acquisition Plc (AIM:IME) in reverse merger transaction on July 8, 2022. Immediate Acquisition plc to be renamed as Fiinu plc announce the readmission of its shares to trading on AIM ("Admission") following completion of the reverse takeover of Fiinu. Tim Hipperson (Non-Executive Chairman) and Mark Horrocks (Non-Executive Director) have today stepped down from the Board of Directors. Simon Leathers (Non-Executive Director) will remain in his position. In addition to Simon Leathers, the following have been appointed to the Board of Directors with effect from Admission: David Hopton - Non-Executive Chairman, Chris Sweeney - Chief Executive Officer, Marko Sjoblom - Founder and Executive Director, Philip Tansey - Chief Financial Officer, Jerry Loy - Independent Non-Executive Director, Huw Evans - Independent Non-Executive Director.