FT8 has acquired 49% of the issued shares of Billyst Holdings, a recently formed Australian Fintech technology company.
FT8 says the acquisition is in line with the company's strategy of investing in technology companies that operate in the Fintech sector where there are commercial synergies between the two companies and significant international growth opportunities.
The acquisition is based on a share for share exchange between the two companies.
Billyst will issue 961 shares to FT8 for a 49% holding in the total issued share capital of Billyst.
FT8 will issue 142,441,860 Ordinary shares at 1 penny to the shareholders of Billyst as consideration for FT8's 49% holding in the total issued share capital of Billyst.
This values the Billyst investment at £1,424,419 (and accordingly values Billyst at £2,906,978).
On completion of the transaction Billyst will hold 16.2% of the shares in issue in FT8.
Billyst is currently owned and controlled by Tim Alford and Marshall McKendrick.