LONDON: Mortgage Chat (AQSE: MCAI), a technology company developing AI products for the mortgage sector, has signed a software development agreement with Accru Finance Ltd, a company controlled by one of its directors.

According to the agreement, Accru will design and develop a web-based application that can answer mortgage-related queries and a responsive website for Mortgage Chat’s automated query resolution service.

Accru will receive a fee of £15,000 and 200,000 warrants to subscribe for new ordinary shares in Mortgage Chat. The warrants have an exercise price of £0.05 per share and are valid for five years.

The transaction is a related party transaction under AQSE Rule 4.6 as Philipp Kallerhoff, Non-Executive Director of Mortgage Chat, is also a director of the company that controls Accru and owns 7% of Accru. The other directors of Mortgage Chat have confirmed that the transaction is fair and reasonable for the shareholders of the company.

Dispersion Holdings plans to acquire Accru Finance for £8.75mn