(Alliance News) - Alpha FX Group PLC on Thursday said it has signed a settlement agreement with a client who owes GBP30.2 million.
Under the agreement, the client is required to pay GBP1.1 million by Friday, with the remaining amount repayable in weekly instalments of GBP266,543 between April 13 to June 10, resulting in GBP10.4 million of the amount owed expected to be paid by the end of December, the foreign exchange services company said.
Alpha FX said the maximum impact its cash flow available for collateral at any one time, as a result of the amount owed is GBP19 million.
"These are unprecedented times; however, we are pleased to be in position to support a valued client whose food produce is critically needed in this climate, whilst also protecting our own commercial interests. I am pleased how we have been able to work together to find a solution which is satisfactory for both parties," Alpha FX Chief Executive Morgan Tillbrook.
The stock was trading 6.8% higher at 550.00 pence each on Thursday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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