26 Jun 2018 07:00
NEWS RELEASE
June 26, 2018
Billing Services Group Limited
("BSG" or the "Company")
Annual Report and Accounts
BSG, a leading provider of telecommunications clearing and financial settlement products, Wi-Fi data solutions and verification services, announces that an electronic copy of its Annual Report for the year ended December 31, 2017 ("Annual Report") has been posted to the Company's website (www.bsgclearing.com) and is now considered delivered to shareholders by electronic communication in accordance with the resolution approved at the 2013 Annual General Meeting.
In the Co-Chairmen's Message in the Annual Report the following information is included:
STRATEGIC REVIEW
In 2016, the Board initiated a strategic review to determine the future composition of the group, including capital structure and business lines. The most visible action taken to date under the strategic review was the $5.0 million cash tender offer completed in December 2017.
After running a comprehensive sale process with respect to BSG Wireless, the Company's Wi-Fi data solutions business, the Board has concluded that the offers received did not represent fair value to the shareholders, and accordingly has terminated the sale process. As of this writing, management is implementing a plan refocusing BSG Wireless's efforts on certain profitable product sets supported by an appropriately sized staff.
CAPITAL MANAGEMENT
The Board oversees the structure and allocation of the Company's capital. The Company's management team has performed commendably in generating cash from the business, which has strengthened the balance sheet and preserved a variety of strategic options.
There are several non-exclusive options available in allocating capital, including the sale or purchase of business assets; additional investment in existing businesses; and cash distributions to shareholders. Our primary focus today centers on creating a liquidity event that will enable shareholders to realize a further return on their investment.
INQUIRIES:
Billing Services Group Limited +1 210 949 7000
Norman M. Phipps
finnCap Limited +44 (0) 20 7220 0500
Stuart Andrews/Scott Mathieson
About BSG:
BSG is located in San Antonio, Texas, USA. The Company is traded on the London Stock Exchange (AIM: BILL). For more information on BSG, visit www.bsgclearing.com.