Equals Group PLC Acquisition Update (5153X)
December 21 2023 - 2:00AM
UK Regulatory
TIDMEQLS
RNS Number : 5153X
Equals Group PLC
21 December 2023
For immediate release 21 December 2023
Equals Group plc
('Equals', the 'Group' or the 'Company')
Acquisition Update
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 Oonex SA
('Oonex') as announced on 5 July 2023 (the 'Acquisition').
Oonex deferred consideration
As stated in the announcement on 27 March 2023, the Acquisition
consideration was to be satisfied by the initial issue of 3,938,294
Ordinary Shares of 1p each in Equals ('Ordinary Shares') (which
have already been issued) and further tranches of up to 61,706
Ordinary Shares (subject to conditions) ('BDR Shares') and up to
1,000,000 Ordinary Shares (subject to conditions) ('Deferred
Consideration Shares'). The conditions for the further tranche of
1,000,000 Ordinary Shares have now been met and accordingly
1,000,000 Deferred Consideration Shares have now been allotted and
issued conditional on Admission (as defined below). All Ordinary
Shares issued as consideration for the Acquisition are subject to a
lock-in agreement for two years from Completion.
The terms of the Acquisition provide for the issue and allotment
of the BDR Shares dependent on recovery of outstanding receivables
by Oonex on or before 31 December 2023. Those outstanding
receivables have not been recovered and are not expected to be
recovered by 31 December 2023, in which case the BDR Shares will
not be issued and the obligation to issue them will lapse.
Admission to AIM
Application has been made for the Deferred Consideration Shares
to be admitted to trading on AIM ('Admission'). Admission is
expected to occur at 8:00am on 4 January 2024.
Following Admission, the Company will have 187,627,898 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.
Definitions contained herein have the same meaning as those used
in the Acquisition announcement dated 27 March 2023.
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 Deferred Consideration Shares.
- 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 / Steph 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
ACQFLFIRFLLIFIV
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