Alpha FX Group PLC Canadian Office Share Ownership Scheme (2494W)
April 16 2019 - 2:00AM
UK Regulatory
TIDMAFX
RNS Number : 2494W
Alpha FX Group PLC
16 April 2019
16 April 2019
Alpha FX Group plc
("Alpha" or "Company")
Canadian Office Share Ownership Scheme
Alpha FX Group plc (AIM:AFX), a foreign exchange service
provider to the corporate and institutional market, today announces
a share ownership scheme for those individuals responsible for
launching the Company's operation in Canada.
As reported in the Company's recent preliminary results, the
Company has expanded its operations through the opening of an
office in Canada. The Canadian operation is led by Mark Stuart,
reporting directly to the executive directors of Alpha.
The share capital of Alpha Foreign Exchange (Canada) Limited
(the "Subsidiary") is 75% owned by Alpha FX Limited, the Company's
main trading entity. The remaining shares are owned by two of the
Subsidiary's employees. Mark Stuart owns 23% of the shares and the
balance of 2% is owned by Max Christian Nord-Harper (Mark Stuart
and Max Christian Nord-Harper being the "Participants"). The
Participants have a right to transfer their shares in the
Subsidiary to shares in the Company under an agreement signed with
Alpha FX Limited. Under this agreement the Participants exchange
25% of the shares they hold in the Subsidiary for new ordinary
shares in the Company in each of the financial years ended 31
December 2021, 31 December 2022, 31 December 2023 and 31 December
2024. The Subsidiary shares exchanged by the Participants will be
valued with reference to an 8x multiple of underlying profit after
tax achieved by the Subsidiary. The number of new ordinary shares
issued by the Company in exchange for the shares of the Subsidiary
will be determined by reference to the average of the middle market
quotations of the Company's ordinary shares for the 60 business
days preceding the date of issue. As the shares held by the
Participants in the Subsidiary is reduced over time, Alpha FX
Limited's shareholding over the Subsidiary will commensurately
increase. The vesting schedule for the share ownership scheme may
be amended by unanimous agreement of the directors of the
Subsidiary.
Mark Stuart is a director of the Subsidiary (together with
Morgan Tillbrook, Henry Lisney and Tim Kidd) and his participation
in the share ownership scheme is a related party transaction
pursuant to the AIM Rules. The directors of the Company consider,
having consulted with the Company's nominated adviser, Liberum,
that the terms of Mark Stuart's participation in the share
ownership scheme are fair and reasonable insofar as shareholders
are concerned. As referred to in the Company's preliminary results
announcement dated 20 March 2019 and its annual report, for the
year ended 31 December 2018 the Subsidiary incurred start up losses
of GBP317,082, in line with the Board's expectations.
Enquiries:
Alpha FX Group plc via Alma PR
Morgan Tillbrook, Founder and CEO
Tim Kidd, CFO
Henry Lisney, COO
Liberum Capital Limited (Nominated Adviser and Sole Broker) Tel: +44 (0) 20 3100 2000
Neil Patel
Richard Bootle
Kane Collings
Alma PR (Financial Public Relations) Tel: 0203 405 0208
Josh Royston
Helena Bogle
Rebecca Sanders - Hewett
Market Abuse Regulation
This announcement is released by Alpha FX Group plc and contains
inside information for the purposes of the Market Abuse Regulation
(EU) 596/2014 ("MAR") and is disclosed in accordance with the
Company's obligations under Article 17 of MAR. The person who
arranged for the release of this announcement on behalf of Alpha FX
Group plc was Henry Lisney, Chief Operating Officer.
Notes to Editors
Alpha is a foreign exchange service provider focused on managing
exchange rate risk for corporates and institutions that trade
internationally. The Group's primary client base consists of
corporates and institutions that have a requirement to convert
currency for a commercial purpose, such as buying or selling goods
and services overseas, repatriating profits, or expatriating
payroll. Since it was incorporated in 2010, Alpha has been able to
build and retain a high-quality client base that includes a number
of highly respected household brands.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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