Equals Group PLC Acquisition Update and Issue of Equity (6086V)
December 05 2023 - 2:00AM
UK Regulatory
TIDMEQLS
RNS Number : 6086V
Equals Group PLC
05 December 2023
For immediate release 5 December 2023
Equals Group plc
('Equals', the 'Group' or the 'Company')
Acquisition Update and Issue of Equity pursuant to Share
Plans
Equals Group plc (AIM:EQLS), the fintech payments group focused
on the Enterprise and SME marketplace, is pleased to announce an
update further to the completion of the acquisition of Roqqett
Limited ('Roqqett') as announced on 9 January 2023 (the
'Acquisition') and the allotment of ordinary shares to its Share
Incentive Plan ('SIP') trust for eligible employees as announced on
6 November 2023 and to good leavers under its Discretionary
Long-Term Incentive Plan ('LTIP').
Roqqett deferred consideration
Pursuant to the Acquisition, the initial GBP1.0 million cash
consideration payment was to be followed by three deferred
payments, one of up to GBP0.25 million (which has already been
satisfied in cash) and two of GBP0.5 million, one in cash and the
other satisfied by the issue of 573,197 ordinary shares in Equals,
struck at the five-day volume-weighted average price of 87.23p as
of Friday, 25 November 2022 ('Consideration Shares'). The
conditions for the third deferred payment have now been met and
accordingly the Consideration Shares have now been allotted and
issued conditional on Admission (as defined below). The second
deferred payment remains conditional upon certain capabilities
being added to the platform.
SIP Shares
The Company also announces that further to its announcement on 6
November 2023, it has allotted and issued (conditional on
Admission) a total of 303,688 ordinary shares of 1 pence each to
its SIP trust to be held on behalf of eligible employees (the 'SIP
Shares'). Once issued the Ordinary Shares will be held in trust
until the end of the holding period on 4 December 2025. Details of
the scheme are available on the Company's website
www.equalsplc.com.
Leaver Shares
The Company has also allotted and issued (conditional on
Admission) a total of 19,424 ordinary shares of 1 pence each to
eligible former employees who were participants in the LTIP and
who, having satisfied the 'good leaver' conditions of the scheme on
cessation of employment, are entitled to the same under the LTIP
rules (the 'Leaver Shares').
Admission to AIM
Application has been made for the Consideration Shares, SIP
Shares and Leaver Shares to be admitted to trading on AIM
('Admission'). Admission is expected to occur at 8:00am on 8
December 2023.
Following Admission, the Company will have 186,627,898 ordinary
shares of 1 pence each in issue admitted to trading on AIM. The
Company holds no shares in Treasury. Accordingly, the above figure
will be used as the denominator for the calculations by which
shareholders will determine if they are required to notify their
interest in, or change to their interest in, the Company under the
FCA's Disclosure Guidance and Transparency Rules.
Following Admission, the Company will make an updated disclosure
in accordance with Rule 2.9 of the Takeover Code (the 'Code')
reflecting the issue of the Consideration Shares, the SIP Shares
and the Leaver Shares as well as relevant disclosures relating to
the SIP Shares in accordance with Article 19 of the EU Market Abuse
Regulations 596/2014.
- 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 &
Sole Broker)
Max Hartley / Harry Rees Tel: +44 (0) 20 7523
8150
Buchanan (Financial Communications)
Henry Harrison-Topham / Stephanie Whitmore Tel: +44 (0) 20 7466
/ Toto Berger 5000
equals@buchanan.uk.com 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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END
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