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Adalan Ventures PLC on Wednesday reported further progress on the path to its reverse takeover of Topos Network Pte. Adalan, a Russia-focused fintech company, formerly known as Zaim Credit Systems PLC, said in late 2023 that it had reached non-binding agreements for the reverse takeover of Milan-based Re-Lender Spa and Singapore-based Topos. The company and Topos have now entered a modified form of the term sheet signed in December, it announced. Re-Lender is ‘no longer a party to this agreement’. Under the updated deal, Adalan and Topos have granted mutual exclusivity subject to the provisions of the UK City Code on Takeovers & Mergers. Both are working to extend the exclusivity period to March 31, Adalan said, with the RTO planned for the first quarter of 2026. Adalan also said Topos has completed a financing round, and that the new funds will enable it to start expanding into new territories and further developing its existing business. Topos’ financial technology suite is focused on the creation and management of last-mile banking networks in frontier markets, primarily Sub-Saharan Africa. ‘Since the original term sheet was signed, the business of Topos has continued to grow and it now services directly and indirectly over 720,000 clients,’ Adalan said. ‘Significant progress has also been made regarding opening up new geographies, which will now be the focus of the business both before and after the proposed acquisition.’ Adalan continued: ‘Whilst the refinancing process has taken longer than originally anticipated, the company is now collaborating with a stronger and more developed Topos business and the board of the company are optimistic about the growth opportunities for the combined businesses of Adalan and Topos going forward.’ ‘After a fairly significant delay, I am pleased to confirm that the refinancing of Topos has been successfully completed, clearing the path for the acquisition to proceed,’ commented Adalan’s Chief Executive Siro Cicconi. ‘Having spent a significant amount of time working with the Topos team I am deeply encouraged by the opportunity that lies in front of Adalan. ‘We have a good team focussed on executing the RTO as promptly as possible and I look forward to updating shareholders in due course.’ Adalan Ventures shares have been suspended from trading in London since December 7, 2023. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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