Teathers Financial subsidiary signs first broker deal

15th Sep 2015 12:15

(ShareCast News) - AIM-listed investment company Teathers Financial said its wholly-owned investee company, Teathers Financial Software Ltd has signed its first broker licence agreement with Shard Capital Partners to launch the first crowd equity App powered by its proprietary technology platform.No financial details were disclosed but Teathers said this marks the first commercial deal for the company.Executive chairman Jason Drummond said: "This is a milestone agreement for TFSL. We have invested significant time and capital in building a mobile solution that delivers a level playing field for private investors in financings while also providing the user with up to date stock, sector and market information."Under the terms of the licence agreement, TFSL has granted Shard Capital a licence for use of its software for an initial 12-month period. Shard Capital has an exclusivity agreement whereby TFSL will not sign any further licensing agreements for 120 calendar days. In return, Shard Capital has agreed to pay a licence fee as well as a monthly royalty fee based on a percentage total of any gross revenues made by Shard Capital from the App's use.TFSL's Technology powers an App which is downloadable on all major platforms. It allows placings and IPOs to be offered on the same terms and at the same discounted price per share as institutional investors typically receive when participating in quoted company placings, under a FCA-regulated environment.At 1222 BST, Teathers shares were up 9.1% at 3.00p.