25 Apr 2016 18:07
25 April 2016
MoneySwap Plc
("MoneySwap" or the "Company")
Employment contract with former director
MoneySwap (AIM: SWAP), the provider of payment solutions to online and point of sale merchants licenced for UnionPay in the UK and the provider for UnionPay MoneyExpress service enabling overseas persons to send funds directly to UnionPay cardholders in China, announces that it has today entered into an agreement with Richard Proksa, former CEO of the Company. Mr Proksa stepped down as a director of MoneySwap in December 2015. At the time of his leaving the Board, Mr Proksa had accrued unpaid salary and expenses, which were agreed in total at the sum of USD 100,000. It was understood that Mr Proksa's unpaid salary and expenses would be paid once the Company has secured additional funding. Under the terms of the agreement entered into today, Mr Proksa has agreed to forgo the unpaid salary and expenses totalling USD 100,000 in return for the Company releasing him from certain elements of the non-compete clause in his service agreement.
As Mr Proksa was a director within the past 12 months, this agreement constitutes a related party transaction under the AIM Rules. The Directors of MoneySwap, having consulted with the Company's nominated adviser, Allenby Capital Limited, consider the terms of the agreement to be fair and reasonable insofar as the Company's shareholders are concerned.
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For further information, please contact:
MoneySwap Plc | Allenby Capital Limited | MoneySwap Plc |
Non-Executive Chairman | Nominated Adviser | Financial PR |
Craig Niven
| Nick Naylor James Reeve | Fiona Fenn Smith
|
+44 7767 497400 | +44 20 3328 5656 | +44 7712 101922 |
About MoneySwap (www.moneyswap.com)
MoneySwap provides payment solutions and gateways to merchants which allow both online and point of sale transactions to be settled using UnionPay cards in the UK. In addition, UnionPay has licensed MoneySwap for its MoneyExpress service which enables overseas persons to send funds directly to UnionPay cardholders in China. The Company also offers an online peer to peer platform for currency exchange and payments. The Company's shares are traded on the London Stock Exchange's AIM market (AIM: SWAP). More information can be found atwww.moneyswap.com.