FAIRFX Group PLC Statement re. share price movement (0884N)
August 04 2017 - 1:00AM
UK Regulatory
TIDMFFX
RNS Number : 0884N
FAIRFX Group PLC
04 August 2017
RNS
4 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 OR ANY JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
FairFX Group plc
("FairFX" or "the Group" or "the Company")
Statement re. share price movement
FairFX Group plc (AIM: FFX), a leading online international
payment services provider, notices the recent movement in share
price and confirms that it is in advanced negotiations in respect
of a substantial acquisition of a payment services business (the
"Possible Acquisition"). The Possible Acquisition, should it
proceed, would be financed through an equity placing and open offer
with existing shareholders to raise approximately GBP25 million
through the issue of new ordinary shares in the Company at a price
of around 58p per share. It is expected that the consideration
payable for the Possible Acquisition, should it proceed would be
approximately GBP15 million, the majority of which is expected to
be satisfied in cash.
There can be no certainty that the Possible Acquisition will
proceed, nor the associated equity placing or open offer.
Furthermore, the Company does not have any certainty as to the
terms on which the Possible Acquisition would proceed. Should any
open offer proceed in connection with the Possible Acquisition, the
associated record date will be as at yesterday's date 3 August
2017.
FairFX will provide an update to Shareholders in due course.
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) 7555 159 808
About FairFX
FairFX is a leading online international payment services
provider, incorporated in the UK in 2005. 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 FX
products all via one integrated system. The FairFX platform
facilitates payments either direct to Bank Accounts or at over 35
million merchants and over 1 million ATM's in a broad range of
countries globally via Mobile apps, the Internet, wire transfer and
MasterCard/VISA debit cards.
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, FairPay and Dealing. The
Currency Card and Physical Currency offerings facilitate multiple
overseas payments at points of sale and ATM's whereas the FairPay
and Dealing products support wire transfer foreign exchange
transactions direct to Bank Accounts.
For Corporates, FairFX has a market-leading business-expenses
solution based around its corporate prepaid card allied to a
platform allowing the Corporate to better control expenses and
improve transparency whilst removing administrative burdens from
staff.
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
END
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