FAIRFX Group PLC Appointment of Non-Executive Chairman (6308X)
November 21 2014 - 2:00AM
UK Regulatory
TIDMFFX
RNS Number : 6308X
FAIRFX Group PLC
21 November 2014
21 November 2014
FAIRFX Group plc
("FAIRFX" or "the Company")
Appointment of Non-Executive Chairman
FAIRFX, a leading low cost, multi-currency payments provider, is
pleased to announce the appointment of John Pearson as its new
non-executive Chairman.
Jason Drummond, the previous Chairman who co-founded the Company
in November 2005 and led the board through its recent successful
listing on AIM, has informed the board that he has taken on the
position as CEO at one of his other companies. Consequently, he now
needs to focus more of his time and attention on this role.
Accordingly, he has stepped down from the board of FAIRFX to
concentrate on his new duties.
John Pearson has considerable experience in the digital, media
and broadcast industries. He was co-founder and CEO of Virgin Radio
for 13 years. He was also Chairman of Shazam Entertainment, a
smartphone-based music identification service; co-founder of World
Architecture News.com; and a director of Ginger Media Group. He is
also co-founder of The Food.com. John's appointment is effective
immediately.
Jason will continue to advise the Company as required on its
next generation of technology, including apps and website
development.
FAIRFX (UK) Limited has agreed to repay Jason's historic
shareholder loan of GBP113,886, and Jason has agreed to subscribe
for 199,800 ordinary shares of 1 penny each in the Company
("Ordinary Shares") at a price of 57 pence per Ordinary Share.
Following the share subscription, Jason Drummond will hold
5,199,800 Ordinary Shares representing 7.65% of the enlarged share
capital.
Application has been made to the London Stock Exchange for the
199,800 ordinary shares to be admitted to trading on AIM. It is
expected that Admission will become effective and that dealings in
the 199,800 ordinary shares will commence on AIM on 26 November
2014. On Admission, the Enlarged Share Capital is expected to be
67,950,428 Ordinary Shares.
The Board wishes to place on record its appreciation for the
contribution that Jason has made as a director both to the overall
development of the Company and to achieving the recent listing. We
wish him well in his new full time position.
In accordance with John Pearson's appointment, the Company has
granted options ("Options") over 360,000 Ordinary Shares as per the
below table.
Options Granted Vesting Period Exercise Price
(in instalments) (p)
---------------- ------------------ ---------------
120,000 1-3 years 58
---------------- ------------------ ---------------
120,000 1-3 years 116
---------------- ------------------ ---------------
120,000 1-3 years 174
---------------- ------------------ ---------------
The Options are issued generally under the same terms as the
Company's existing Share Option Plan and are exercisable up to the
tenth anniversary of today's date
Anthony John Pearson, 57, is currently or has previously been a
director of the following companies within the last 5 years:
The Food Corporation Limited
Shazam Entertainment Limited*
StarCo Media Limited*
World Architecture News.com *
*indicates no longer a director
Save as disclosed above, there is no further information
required to be disclosed in accordance with Schedule 2, paragraph
(g) of the AIM Rules for Companies.
- ends -
Enquiries:
FAIRFX Group plc +44 (0) 20 7778 9308
Ian Strafford-Taylor, CEO
Square1 Consulting +44 (0) 20 7929 5599
David Bick/Mark Longson
Cenkos Securities plc +44 (0) 20 7397 8925
Max Hartley/Callum Davidson
About FAIRFX
FAIRFX is a leading international payment services provider,
incorporated in the UK in 2005. The Company has developed a
cloud-based peer-to-peer payments platform that enables personal
and business customers to make easy, low-cost multi-currency
payments in a broad range of currencies and across a range of FX
products all via one integrated system. The FAIRFX platform
facilitates payments either direct to Bank Accounts or at 30
million merchants and over 1 million ATM's in a broad range of
countries globally via Mobile apps, the Internet, SMS, wire
transfer and MasterCard/VISA debit cards.
FAIRFX operates within the rapidly growing online multi-currency
payments market and provides transactional services to both
personal and business customers through four channels being
Currency Cards, Physical Currency, FairPay and Dealing. The
Currency Card and Physical Currency offerings facilitate multiple
overseas payments at points of sale and ATM's whereas the FairPay
and Dealing products support wire transfer foreign exchange
transactions direct to Bank Accounts.
In addition, FAIRFX has entered into a number of "white-label"
arrangements for the use of its P2P matching platform. Customers
include easyjet, ThinkMoney and Pitney Bowes. FAIRFX has also
partnered with Concur Technologies, Inc. a leading provider of
integrated travel and expense management solutions with over 25
million users globally. Such relationships provide strong support
for FAIRFX's customer acquisition strategy.
This information is provided by RNS
The company news service from the London Stock Exchange
END
BOAFEUESSFLSESF
Equals (LSE:EQLS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Equals (LSE:EQLS)
Historical Stock Chart
From Jul 2023 to Jul 2024