Fintech firm ayondo's shareholders vote to sell UK unit

The resolution received close to no opposition at the firm’s extraordinary general meeting.

Shareholders of Catalist-listed fintech firm ayondo voted to dispose the company’s stake in its wholly-owned UK unit ayondo Markets (AML) during an extraordinary general meeting (EGM), a filing with the Singapore Exchange (SGX) revealed.

According to the announcement, approximately 135.85 million votes were cast in favour of the disposal, representing nearly 100% of the total number of shares cast in the vote.

On 8 May, ayondo announced it would proceed to sell 99.9% of its subsidiary ayondo Markets (AML) for $10.2m (GBP5.7m) to its white label partner BUX Holding B.V., despite being warned by SGX Regulation (SGX Regco) in March to put its planned disposal of AML on hold until the Financial Conduct Authority’s (FCA) consultation was completed in relation to the capital adequacy requirements.

The social trading platform requested for a trading suspension on 1 February amidst questions about its compliance with UK capital requirements.

As well, a bourse-filing revealed that ayondo’s chairman and co-founder Thomas Winkler transferred 1.2 million shares at an undisclosed price to its existing shareholders on 22 November 2018 but only made a filing on 24 May. A second transaction by Winkler occurred on 2 May, where the executive transferred another 1.22 million shares from his individual CDP securities account to a custodian nominee account.