Lem Management Limited entered into a Share Purchase Agreement to acquire a 99.8% stake in Cedex Holdings Limited from TechFinancials Inc (OFEX:TECH) for $2 million on October 4, 2021. Under the terms, TechFinancials will be entitled to future consideration upon the Lem succeeding to raise $20 million in a single or series of related transactions, for the future operation of Cedex, or selling Cedex for a minimum of $2 million. In certain circumstances of a sale of Cedex, or the assets of Cedex by Lem, TechFinancials will be entitled to receive 50% of that consideration above $2 million. Between $5 million and $50 million, TechFinancials will be entitled to receive $1.6 million out of the first $5 million and 4% out of the remainder, but no more than $2 million, and $50 million and above, TechFinancials will be entitled to receive 4% of the proceeds. Guy Miller and Mark Anwyl of Peterhouse Capital Limited acted as financial advisors to TechFinancials.

Lem Management Limited completed the acquisition of 99.8% stake in Cedex Holdings Limited from TechFinancials Inc (OFEX:TECH) on October 4, 2021.