TIDMBWN
RNS Number : 5736E
Bowen Fintech PLC
31 October 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
31 October 2022
Bowen Fintech Plc
("Bowen" or the "Company")
Admission to Trading and First Day of Dealings
Bowen (LSE: BWN), a special purpose acquisition company formed
to acquire businesses in the technology innovations market with a
focus on the financial services sector, is pleased to announce the
admission of its ordinary shares of nominal value 1p each (the
"Ordinary Shares") to listing on the standard segment of the
Official List of the Financial Conduct Authority and that trading
in its Ordinary Shares will commence on the main market for listed
securities of the London Stock Exchange at 8.00 a.m. today, under
the ticker BWN ("Admission") and with the ISIN number
GB00BMYX7295.
The Company has successfully raised gross proceeds of GBP2
million (before expenses) through a placing of new Ordinary Shares
at a placing price of 4 pence per share. Following Admission, the
Company will have 55,000,000 Ordinary Shares in issue.
Highlights
-- Following Admission, Bowen is seeking to acquire businesses
in the technology innovations market with a main focus on companies
that own products or applications that are relevant to the
financial services sector, such as digital payment systems, trading
platforms and other related infrastructure. Applications relating
to other sectors may also be considered. While not limited to a
particular geographic region, the Directors expect they will
acquire a company mostly likely located in the UK, Europe, Asia or
the US.
-- Fintech, a combination of technology and financial services,
has transformed the way businesses operate and innovations in the
fintech sector have emerged considerably in the last few years.
Independent research suggests that the global fintech market is
expected to reach a market value of c. $324 billion by 2026,
growing at a CAGR of c. 23% over the next five years.
-- The Directors intend to consider businesses that are:
o founder or entrepreneur-led, typically with a buy-and-build
strategy;
o preferably already revenue generating and within the small to
medium cap range where the Board believes it has greater access and
where the negotiation process is generally less time consuming than
companies that are much larger;
o at an inflection point, such as those requiring additional
management expertise, are able to innovate by developing new
products or services, or where the Board believes it can drive
improved financial performance and it may help facilitate growth;
and are
o well positioned to benefit from being a public company and
leverage the Board's capital markets experience.
-- The Board, collectively, has significant experience in
establishing and growing businesses along with significant
experience of managing public companies and risks associated with
such ventures both operationally and financially. The Board
believes that it has a broad network of contacts and corporate
relationships that makes it efficient at sourcing and evaluating
businesses and bridging cultural differences to negotiate and
execute a transaction in a timely and professional manner.
Aamir Quraishi, Non-executive Chairman of Bowen, said: "We are
pleased to have achieved this milestone of being admitted to the
London Stock Exchange, which marks the true start of our journey.
We believe that the financial technology market offers ample
opportunity for acquiring great businesses with significant
potential for growth. We would like to thank our founder
shareholders for their trust and support as well as welcome our new
investors to the shareholder register. We are excited about the
months ahead and look forward to reporting on our progress."
Copies of the Prospectus published by the Company on 25 October
2022 in connection with Admission are available from the Company's
registered office at c/o Ince Gordon Dadds LLP, Aldgate Tower, 2
Leman Street, London E1 8QN, UK and online at www.ukbowen.com
(subject to applicable securities laws) and at the National Storage
Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
.
- Ends -
For further information please contact:
Bowen Fintech Plc c/o +44 (0)204 582
3500
Aamir Quraishi, Non-executive Chairman
--------------------
Optiva Securities Ltd - Broker +44 (0)203 137 1903
--------------------
Vishal Balasingham
--------------------
Gracechurch Group - Financial PR +44 (0)204 582 3500
--------------------
Harry Chathli, Claire Norbury
--------------------
Notes to Editors
The Directors of the Board are as follows:
Aamir Quraishi, Non-executive Chairman
Mr Aamir Quraishi is a seasoned investment banker and
experienced board director. He has some 25 years of investment
banking experience in Europe, Asia and the Middle East having
worked in both bulge bracket and mid cap institutions.
Between 1996-2003, Aamir worked in the Corporate Finance
Advisory division of Dresdner Kleinwort Wasserstein in London
spending almost a year seconded to the bank's Tokyo office. He
moved to Libertas Capital Group plc in 2003 where he successfully
built its capital markets practice in London, completing over a
dozen IPOs, and relocating to its Dubai office in late 2007 where
he built up a network of SWFs and Family Offices across the GCC and
Asia regions.
After a short stint with MAC Capital Ltd (2011-2013), a DFSA
regulated mid-cap investment bank in Dubai, Aamir was appointed
Managing Director at Teneo Capital, the New York headquartered
advisory and investment banking firm where he was responsible from
2014-2018 for the group's GCC, Africa and Asia coverage. Aamir left
Teneo to join a privately owned investment holdings company with
equity interests in public and private companies across several
geographies and industry sectors including mining, healthcare,
consumer and real estate. He was instrumental in launching,
structuring and listing in London the group's digital security in
2019, leaving in 2020 to pursue other entrepreneurial
interests.
During his career, Aamir has completed over US$20 billion in
M&A and capital market transactions across a number of industry
sectors globally. Between 2005 and 2010, he was a qualified
Nominated Adviser for the purposes of admissions to London's AIM
Market. Aamir began his career at PWC in London where he qualified
as a chartered accountant and remains a member of the ICAEW. He
graduated in Economics from the University of Cambridge.
Allan Rowley, Non-executive Director
Mr Allan Rowley is a practising CFO with over 20 years of
experience in public and private growth businesses. He is a UK
Chartered Accountant with international experience of raising
finance, Initial Public Offerings, public company reporting (on
both the US and UK stock exchanges), strategic planning, corporate
governance, investor relations, mergers and acquisitions,
international tax, operational execution, turn-arounds and
restructurings.
He has worked across a variety of sectors including:
pharmaceutical, technology, healthcare, financial services, fin
tech, recruitment, mining and gaming. He has led teams across
England, Europe, North America, Latin America, the UAE, China and
Japan.
Allan qualified as a Chartered Accountant with Arthur Andersen
in the UK, before moving to Palo Alto with Ernst Young in the late
1990s. On returning to the UK, he became Revenue Director for BEA
Systems Europe, growing annual revenues from USD100 million to
USD400 million over four years. He joined a cancer detection
technology startup, Medicsight plc in 2004 as CFO, and took the
company public on AIM. In 2010, Allan was the chief financial
officer of Fairstone, a financial technology services-based
consolidator of IFAs and wealth managers. In 2015, Allan was
appointed CFO of Healthperm plc (a nurse recruitment business)
which floated on Aquis. In 2020, Allan was the pre-IPO chief
financial officer of Cornerstone FS plc, a technology backed
international payment provider. He is currently the post IPO
Finance Director of Celadon Pharmaceuticals plc (with a focus on
growing indoor hydroponic high-quality medicinal cannabis).
Allan graduated from Aberystwyth University College of Wales
with a BSc and Master of Philosophy. He is a Fellow of the
Institute of Chartered Accountants in England and Wales and was an
audit manager with Arthur Andersen in the UK and Ernst Young in
Silicon Valley
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END
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October 31, 2022 03:00 ET (07:00 GMT)
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