Announcement
Investment Evolution Credit PLC - Admission to Trading and First Day of Dealings
RNS Number : 7048W
Investment Evolution Credit PLC
14 December 2023
Investment Evolution Credit plc
("IEC" or the "Company")
Admission to Trading and First Day of Dealings
Investment Evolution Credit plc (AQSE:IEC), a United Kingdom registered fintech group that operates in the financial services sector, specialising in online consumer loan, announces that trading in its ordinary shares will commence on the Aquis Stock Exchange Growth Market ("AQSE") at 8:00 a.m., today (14 December 2023), under the ticker "IEC" and ISIN: GB00BPQC9525.
The Company has been admitted to the Access Segment of AQSE ("Admission") following successful completion of a subscription, raising gross proceeds of c. £508k.
The expected net proceeds of the subscription will be used for the following primary strategic objectives:
· continued growth of the consumer loan portfolio in the United States;
· execution of the business plan in the United Kingdom including application to the FCA for authorisation to provide consumer loans in the United Kingdom; and
· working capital for the group to accelerate growth.
The Board of the Company comprises Paul Mathieson, Executive Chairman & Chief Executive Officer, Sameer ("Sam") Prasad, Executive Director, Chief Financial Officer and Chief Operating Officer, Glendys Aguilera, Executive Director and Lending Manager, and Neil Patrick, Non-Executive Director.
Paul Mathieson, Executive Chairman & Chief Executive Officer, commented:
"The Aquis Stock Exchange Growth Market listing is a significant milestone for Investment Evolution Credit plc, allowing us to expand our operations and reach a larger pool of investors. We believe that AQSE offers a great opportunity for the Company to gain international recognition and to continue our growth trajectory in the consumer lending market.By leveraging our technological expertise, innovative lending platform, and commitment to customer satisfaction, we are well-positioned to capture the growth opportunities in both the UK and US consumer lending markets."
The issued share capital of the Company on Admission comprises 14,960,975 ordinary shares.
Principal activities
United Kingdom - IEC Credit Ltd ("IEC Credit")
IEC Credit is preparing to apply to the FCA to become a consumer credit lender in the United Kingdom and has already commenced preparatory work ahead of Admission.
The IEC executive team selected the United Kingdom to apply for consumer credit licensing due to the UK's advantageous fiscal policies, regulatory environment, demographics and attractive competitive landscape for online personal loans.
IEC management expect completion of the preparatory work and application process with the FCA for IEC Credit to become a consumer credit lender in the United Kingdom to take 12-18 months.
United States - Investment Evolution Corporation trading as Mr. Amazing Loans ("MRAL")
MRAL currently provides $2,000 to $10,000 unsecured online consumer loans via its websitewww.mramazingloans.comover a five-year term. Annual interest rates range from 19.9% to 29.9% with no prepayment penalties, late fees, or default interest for the life of the loan. The personal loan products are fully amortising, fixed rate, unsecured instalment loans and all loans are offered at, or below prevailing statutory rates, with the standard loan product being a 29.9% interest rate/annual percentage rate unsecured personal loan with a five-year term.
The Company's Admission Document is available to view at: www.investmentevolution.com
The Directors of the Company accept responsibility for the contents of this announcement.
Enquiries:
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Investment Evolution Creditplc |
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Paul Mathieson Chairman & CEO |
iec@investmentevolution.com
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Cairn Financial Advisers LLP (AQSE Corporate Adviser) |
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Ludovico Lazzaretti |
+44 (0) 20 72130 880 |
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Jo Turner |
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For more information please visit:www.investmentevolution.com
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