Aquis Stock Exchange
Aquis Stock Exchange: Application for admission to trading

30-Nov-2023 / 14:11 GMT/BST
The issuer is solely responsible for the content of this announcement.

 

 

ANNOUNCEMENT OF APPLICATION FOR ADMISSION TO THE AQSE GROWTH MARKET

 

 

APPLICANT NAME:

Investment Evolution Credit plc

APPLICANT REGISTERED OFFICE, PRINCIPAL PLACE OF BUSINESS (IF DIFFERENT) AND TELEPHONE NUMBER:

6th Floor

60 Gracechurch Street

London, United Kingdom

EC3V 0HR

 

Telephone: +44 2039 473 599

DIRECTORS AND PROPOSED DIRECTORS (IF APPLICABLE):

Current directors:

Paul Mathieson (Chairman and Chief Executive Officer)

Sameer (“Sam”) Prasad (Chief Financial Officer and Chief Operating Officer)

 

On Admission:

Glendys Aguilera (proposed Executive Director and Lending Manager)

Neil Patrick (proposed Non-Executive Director)

APPLICANT SECTOR:

Financial Services

DESCRIPTION OF THE APPLICANT AND ITS ACTIVITIES:

Investment Evolution Credit plc ("IEC") is a United Kingdom registered fintech group that operates in the financial services sector, specialising in online consumer loans.

 

IEC currently provides online consumer loans in the United States under the corporate entity Investment Evolution Corporation and consumer brand Mr. Amazing Loans ("MRAL"); and plans to provide online consumer loans in the United Kingdom under the corporate entity IEC Credit Ltd and consumer brand IEC Credit ("IEC Credit").

 

MRAL is a company registered in the state of Delaware, United States which launched consumer lending operations in 2010. MRAL provides unsecured online consumer loans for amounts ranging from $2,000 to $10,000 at current interest rates of between 19.9% and 29.9%. At present, MRAL is licensed and/or holds certificates of authority for consumer lending in 6 US states; those being California, Florida, Georgia, Illinois, Nevada, and New Jersey.

 

On 1 July 2023, IEC acquired 100% of MRAL and it is now therefore a wholly owned subsidiary of IEC. IEC also has two United Kingdom registered wholly owned subsidiaries through which it plans to offer consumer loans in the United Kingdom, subject to the receipt of all necessary authorisations and approvals from the UK's Financial Conduct Authority.

NAME OF AQSE CORPORATE ADVISER:

Cairn Financial Advisers LLP

NUMBER, CLASS AND PAR VALUE OF SECURITIES TO BE ADMITTED:

14,960,975 ordinary shares of 0.5 pence each

SECURITIES IN PUBLIC HANDS AS A PERCENTAGE OF THE TOTAL NUMBER OF SECURITIES IN ISSUE (excluding securities held in treasury):

45.27%

SHAREHOLDERS HOLDING MORE THAN FIVE PER CENT OF THE APPLICANT’S SHARE CAPITAL OR VOTING RIGHTS PRE- AND POST-ADMISSION:

 

Name

Current Shares

Current %

Shares on Admission

% on Admission

Paul Mathieson

          6,387,913

51.42

   6,837,913

45.70

Sam Prasad

          1,175,394

9.46

   1,350,394

9.03

J and W Willoughby*

              900,000

7.25

   1,005,000

6.72

 

*J and W Willoughby are the ultimate beneficiary owners and have subscribed through three different entities

 

TIMETABLE FOR ANY OFFER OF TRANSFERABLE SECURITIES TO THE PUBLIC:

N/A

THE EXPECTED ADMISSION DATE:

14 December 2023

WEBSITE ADDRESS WHERE INVESTOR INFORMATION WILL BE AVAILABLE FOR INSPECTION:

www.investmentevolution.com/investors

 

In respect of a fast-track applicant, the following information should also be included:

 

NAME OF MARKET ON WHICH THE APPLICANT’S SECURITIES ARE CURRENTLY TRADED:

 

ARRANGEMENTS FOR THE SETTLEMENT OF TRANSACTIONS IN THE APPLICANT’S SECURITIES:

 

DETAILS OF ANY LOCK-IN ARRANGEMENTS:

 

DETAILS OF THE LEGAL OR REGULATORY REQUIREMENTS IN THE APPLICANT’S HOME COUNTRY REGARDING THE CONDUCT OF TAKEOVERS AND THE ACQUISITION OF SIGNIFICANT VOTING RIGHTS TO WHICH THE APPLICANT IS SUBJECT:

 

 

In respect of an update to a prior application announcement, the date of the original announcement should also be disclosed as follows:

 

UPDATE TO A PRIOR APPLICATION ANNOUNCEMENT RELEASED ON:

N/A

 


Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
End of Announcement - EQS News Service

1786345  30-Nov-2023 

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