FAIRFX Group PLC Result of General Meeting and Open Offer (9352O)
August 24 2017 - 9:44AM
UK Regulatory
TIDMFFX
RNS Number : 9352O
FAIRFX Group PLC
24 August 2017
RNS
24 August 2017
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF
AMERICA, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, NEW
ZEALAND, JAPAN, THE REPUBLIC OF IRELAND, OR ANY JURISDICTION WHERE
TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION.
FairFX Group plc
("FairFX" or "the Company")
Result of General Meeting and Open Offer
Further to the announcement on 8 August 2017 regarding FairFX's
proposed acquisition of CardOne, a conditional Placing to raise
approximately GBP25.0 million (net of fees and expenses) and an
Open Offer to raise up to approximately GBP1.0 million, the Company
announces that all Resolutions put to Shareholders in connection
with the Fundraising and Acquisition were duly passed.
Furthermore, the Company announces that it has received valid
acceptances from Qualifying Shareholders in respect of 4,637,813
Open Offer Shares, including applications for 3,422,608 Open Offer
Shares under the Excess Application Facility. This represents
approximately 268 per cent. of the maximum number of Open Offer
Shares available under the Open Offer.
Qualifying Shareholders who have validly applied for Open Offer
Shares will receive their full Basic Entitlement. In addition,
Qualifying Shareholders will be allocated any shares applied for
under the Excess Application Facility on a pro rata basis.
Open Offer Shares (in uncertificated form) are expected to be
credited to CREST accounts on 25 August 2017 and definitive share
certificates for the Open Offer Shares (in certificated form) are
expected to be despatched to Shareholders who hold their Ordinary
Shares in certificated form on 1 September 2017.
Accordingly, an application has been made for 51,528,084 New
Ordinary Shares to be admitted to trading on AIM on 25 August 2017
("Admission"), representing the 46,034,485 Placing Shares,
1,730,669 Open Offer Shares and 3,762,930 Consideration Shares. It
is expected that Admission will occur at 8.00am on 25 August 2017.
Following Admission, the Company will have 155,368,259 Ordinary
Shares in issue admitted to trading on AIM. This figure of
155,368,259 may be used by Shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
Company under the Financial Conduct Authority's Disclosure Guidance
and Transparency Rules.
The Fundraising and Acquisition remain conditional on
Admission.
Unless otherwise defined, capitalised terms within this
announcement have the same meaning as those within the
'Definitions' section of the Company's announcement dated 8 August
2017 under RNS Number 3396N.
Enquiries:
FairFX Group plc
Ian Strafford-Taylor,
CEO +44 (0) 20 7778 9308
Cenkos Securities plc
Max Hartley/Callum Davidson +44 (0) 20 7397 8925
Yellow Jersey PR
Charles Goodwin
Abena Affum +44 (0) 7747 788 221
About FairFX
FairFX is an online international payment services provider,
first established in the UK in 2007. 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
products all via one integrated system. The FairFX platform
facilitates payments either direct to Bank Accounts or, via its
prepaid cards, at over 35 million merchants and over 1 million ATMs
worldwide. The platform operates on desktop, mobile responsive
website or app and as such is accessible across a wide range of
users.
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, online and telephone. The
Currency Card and Physical Currency offerings facilitate multiple
overseas payments at points of sale and ATMs whereas the online and
telephone products support wire transfer foreign exchange
transactions direct to Bank Accounts.
For Corporates, FairFX has a business-expenses solution based
around its corporate prepaid card allied to a platform designed to
allow a corporate to better control expenses and improve
transparency whilst removing administrative burdens from staff. The
corporate offering also covers UK domestic expense management and
as such is a solution for all companies, not just those with
overseas travel.
In addition, FairFX has entered into a number of "white-label"
arrangements for the use of its P2P matching platform. Customers
include easyjet and ThinkMoney. 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
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