GSTechnologies Ltd Conditional acquisition of Angra Limited (9659N)
October 05 2021 - 2:00AM
UK Regulatory
TIDMGST
RNS Number : 9659N
GSTechnologies Ltd
05 October 2021
5 October 2021
GSTechnologies Limited
("GST" or the "Company" or the "Group")
Conditional acquisition of Angra Limited
GSTechnologies Limited (LSE: GST), the integrated information
and communication technology infrastructure solutions provider, is
pleased to announce that the Company has entered into a conditional
agreement to acquire the whole of the issued share capital of Angra
Limited ("Angra"), a UK-based foreign exchange and payment services
company (the "Acquisition").
Angra, which operates under the AngraFX brand name, is a
Financial Conduct Authority ("FCA") approved Authorised Payment
Institution ("API"), conducting fast, secure and low-cost foreign
exchange business and payment services internationally. In the year
ended 30 September 2020 Angra transacted business to the value of
GBP64.0 million.
The Company is acquiring Angra from its director and sole
shareholder Rodolfo Modesto Basilio (the "Seller"). It is GST's
intention that Rodolfo and the current management and employees of
Angra will remain with the Company.
The Company will conditionally acquire 100% of the issued share
capital of Angra and, in addition, the Seller will assign his
GBP100,000 loan to Angra to the Company for a nominal
consideration. Consideration for the Acquisition is GBP800,000
payable in cash upon completion. In its most recent published
accounts to 30 September 2020, Angra reported gross assets of
GBP1.7 million of which GBP0.47 million was cash. For the year to
30 September 2020, Angra reported profit before tax of
approximately GBP69,000.
Completion of the Acquisition is conditional, inter alia, on
final due diligence, which is expected to be completed by GST by 31
October 2021, and also on GST obtaining approval from the FCA for
the change of control of Angra, a regulated entity. Further
announcements will be made on the progress of the Acquisition in
due course.
The Company stated in its recent prospectus, published on 6
September 2021, that it intended to seek an API licence in order to
be able to connect to traditional banking payment systems and agent
networks, operate a remittance business in the UK and grow revenues
from the stablecoin network and applications that are being
developed from the collaboration with Wise MPay, announced earlier
this year. Given the Company's conditional acquisition of Angra,
which is already an FCA-approved API, the Company will not now
continue its own process to obtain a separate API licence as it is
expected that this will not be required.
Further announcements will be made as appropriate.
Tone Goh, Chairman of GST, commented : "We are very pleased to
have reached an agreement with Angra. The acquisition of Angra,
based in London, is intended to accelerate the development of our
blockchain enabled neobanking business. Subject to the completion
of our remaining due diligence, and the receipt of FCA approval,
the acquisition of Angra will provide an established base on which
to build our planned UK business.
"With the proceeds of our recent successful fundraising we
continue to rapidly progress our fintech plans, in conjunction with
our collaboration partner, Wise MPay. I look forward to providing
further updates in due course."
Enquiries:
The Company
Tone Goh, Executive Chairman +65 6444 2988
F inancial Adviser
+44 (0)20 3005
VSA Capital Limited 5000
Simon Barton / Pascal Wiese
Financial PR & Investor Relations
IFC Advisory Limited
Tim Metcalfe / Graham Herring / Florence +44 20 (0) 3934
Chandler 6630
For more information please see:
https://gstechnologies.co.uk/
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQUPGGAUUPGGAC
(END) Dow Jones Newswires
October 05, 2021 02:00 ET (06:00 GMT)
Gstechnologies (LSE:GST)
Historical Stock Chart
From Jun 2024 to Jul 2024
Gstechnologies (LSE:GST)
Historical Stock Chart
From Jul 2023 to Jul 2024