Teathers disappoints with IPO app delay

6th Aug 2015 16:01

(ShareCast News) - Shares in AIM-listed Teathers Financial were hit after revealing further hurdles needed to be cleared before its mobile app will be able to offer retail investors crowdfunding-style access to stock market placings and IPOs.The Crowd Equity Service and Mobile App has been free to download from Apple's iTunes and Google Play since last month, but Teathers said it remained in "contractual negotiations with a Financial Conduct Authority regulated partner".The company said it had completed a set of technical amendments to the app that the partner would require in order for the App to become operational. "The company will update the market in due course with regard to the completion of negotiations and anticipated timeframe for the availability of the app," it said on Thursday.Teathers changed its name from CA Sperati earlier this year when its sold its buttons and clothing business and said it it was going to become an oil and gas investment company.Shares in Teathers were down 21.5% to 2.65p late in the session.