Equals Group PLC Completion of acquisition of Oonex S.A. (9772E)
July 05 2023 - 2:00AM
UK Regulatory
TIDMEQLS
RNS Number : 9772E
Equals Group PLC
05 July 2023
For immediate release 5 July 2023
Equals Group plc
('Equals', the 'Group' and the 'Company')
Completion of acquisition of Oonex S.A.
Equals (AIM:EQLS), a leading fintech payments group focused on
the SME marketplace, is pleased to announce that, following its
announcement on 27 March 2023 of entering a conditional agreement
to acquire the entire issued share capital of Oonex S.A. ('Oonex'),
the National Bank of Belgium ('NBB') has confirmed that it had no
objections and, as such, the transaction completed on 4 July
2023.
The Acquisition of Oonex, together with its regulatory licences
and banking relationships, allows Equals to bring its payments,
cards, and multi-currency account products to a new suite of
customers across Europe. The ability of Oonex to issue local IBANs
within the Eurozone will significantly expand the addressable
market for the Group's platform and products and fits with Equals'
strategy to provide the best B2B platform for worldwide money
movement.
As stated in the announcement on 27 March 2023, the Acquisition
consideration is being satisfied by the initial issue of 3,938,294
Ordinary Shares of 1p each in Equals Group plc ('Ordinary Shares').
Further tranches of 61,706 and up to 1,000,000 Ordinary Shares
(subject to conditions) will be issued over the next six months.
All Ordinary Shares issued as consideration for the Acquisition
('Consideration Shares') will be subject to a lock-in agreement for
two years from Completion.
The Acquisition is expected to be earnings accretive for the
Group in the medium term.
Application has been made for the initial tranche of
Consideration Shares to be admitted to trading on AIM ('Admission')
and it is expected that the 3,938,294 Consideration Shares will be
admitted to trading on 6 July 2023. Following Admission, the
Company will have 185,731,589 Ordinary Shares in issue admitted to
trading on AIM. The Company holds no shares in Treasury.
Accordingly, the above figure 185,731,589, may be used as the
denominator for 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 FCA's Disclosure Guidance and
Transparency Rules.
Definitions contained herein have the same meaning as those used
in the Acquisition announcement dated 27 March 2023.
Ian Strafford-Taylor, CEO of Equals, said: "We are delighted
that the NBB has confirmed that it had no objections to the change
of control for Oonex, so we can now commence growing the business
in Brussels as well as integrating it into the Equals technology
platform. We see Oonex as a tremendous opportunity for the Group as
it allows us to distribute our market leading platform, products,
and capabilities to new customers across the Eurozone and we look
forward to updating shareholders on its progress in the coming
months."
Ends
For more information, please contact:
Equals Group plc
Ian Strafford-Taylor, CEO Tel: +44 (0) 20 7778
Richard Cooper, CFO 9308
www.equalsplc.com
Canaccord Genuity (Nominated Adviser &
Joint Broker)
Max Hartley / Harry Rees Tel: +44 (0) 20 7523
8150
Peel Hunt LLP (Joint Broker)
Paul Shackleton / John Welch Tel: +44 (0) 20 7418
8900
Buchanan (Financial Communications)
Henry Harrison-Topham / Toto Berger Tel: +44 (0) 20 7466
equals@buchanan.uk.com 5000
www.buchanan.uk.com
Notes to Editors:
Equals Group plc is a technology-led international payments
group augmented by highly personalised service for the payment
needs of SME's whether these be FX, card payments or via Faster
Payments. Founded in 2007, the Group listed on AIM in 2014. For
more information, please visit www.equalsplc.com .
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