FAIRFX Group PLC Placing of Ordinary Shares (1151A)
December 18 2014 - 2:00AM
UK Regulatory
TIDMFFX
RNS Number : 1151A
FAIRFX Group PLC
18 December 2014
This announcement and the information contained in it is
restricted and is not for release, publication or distribution,
directly or indirectly, in whole or in part, in, into or from
Australia, Canada, Japan, South Africa, the United States or any
other jurisdiction in which the same would be unlawful.
FAIRFX Group plc
("FAIRFX" or "the Company")
Placing of Ordinary Shares
FAIRFX, the international payments provider, is pleased to
announce that is has conditionally raised approximately GBP1.5
million excluding expenses through the proposed placing of
2,525,382 new ordinary shares ("Placing Shares") at 58 pence per
ordinary share ("Placing Price") with existing and new
institutional shareholders (the "Placing"). These funds will be
used to accelerate the Company's existing strategy for growth by
increasing marketing on a targeted basis, both online and offline,
incorporating TV, radio, print and social media as well as
affiliate marketing.
In the period since IPO the Company has continued to grow,
in-line with expectations. The 400,000 retail client level was
passed in November and all areas of the business are progressing
well. A new version of the www.fairfx.com website has gone live
which is designed to convert traffic much more efficiently and
thereby improve the cost-effectiveness of increased marketing
spend. Further improvements to the website are planned together
with new versions of the FAIRFX App being deployed in the near
future. In addition, the Company has been expanding its affiliate
marketing capabilities and has signed agreements with several new
partners, with some potentially large deals currently being
negotiated.
The Placing Shares will represent approximately 3.6 per cent. of
the Enlarged Share Capital and will, when issued, rank in full for
all dividends declared, made or paid after the date of their issue
and otherwise pari passu with the existing Ordinary Shares. The
Placing Price represents a discount of approximately 4.92 per cent.
to the price of 61 pence per Ordinary Share, being the Closing
Price of the Company's Ordinary Shares on 17 December 2014.
Cenkos Securities plc has entered into the Placing Agreement
with the Company whereby it has agreed to use its reasonable
endeavours, as agent for the Company, to procure placees for the
Placing Shares. The Placing is conditional on, inter alia, the
Placing Agreement becoming or being declared unconditional in all
respects and not being terminated before Admission and on Admission
of the Placing Shares to the AIM Market of the London Stock
Exchange plc ("AIM").
Application has been made to the London Stock Exchange plc for
the Placing Shares to be admitted to trading on AIM. It is expected
that Admission will become effective and that dealings in the
Placing Shares will commence on AIM on 23 December 2014. On
Admission, the enlarged share capital of the Company is expected to
be 70,276,010 Ordinary Shares.
Ian Strafford-Taylor, Chief Executive of FAIRFX commented, "We
are delighted with the outcome of the fundraise which allows us to
accelerate our targeted marketing approach and we expect this to
continue to push our growth across all areas of the business.
Trading continues to be positive as we had expected and we look
forward to the future with optimism."
- 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
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