Last checked at 4 Aug 2017 07:00
RNS
4 August 2017
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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 £25 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 £15 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.