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LONDON (Alliance News) - FairFx Group PLC said it expects to issue all the placing shares in its GBP5.25 million fundraising, after Crystal Amber Fund Ltd obtained approval from the Financial Conduct Authority in connection to its acquisition of a holding in the company's subsidiary FairFX PLC.
The company had originally planned to issue the shares in two separate tranches to provide UK regulators with enough time to raise any objections.
Crystal Amber has agreed to invest GBP5.0 million for 25 million shares in FairFX, equivalent to a 24.24% stake. Crystal Amber could come to own 29.38% of FairFX if it exercises a warrant allowing the activist to subscribe for 7.5 million shares at 27.0p per share.
That investment formed the bulk of a broader placing to raise GBP5.25 million in total, including from other institutional investors. The money will be used to increase marketing expenditure and "aggressively" target corporate card customers.
This fundraising remains subject to shareholder approval.
Shares in FairFX Group last closed at 30.00 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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