Acquisition Update and Issue of Equity

Equals Group PLC

05 December 2023

 

For immediate release

5 December 2023

Equals Group plc

('Equals', the 'Group' or the 'Company')

Acquisition Update and Issue of Equity pursuant to Share Plans

Equals Group plc (AIM:EQLS), the fintech payments group focused on the Enterprise and SME marketplace, is pleased to announce an update further to the completion of the acquisition of Roqqett Limited ('Roqqett') as announced on 9 January 2023 (the 'Acquisition') and the allotment of ordinary shares to its Share Incentive Plan ('SIP') trust for eligible employees as announced on 6 November 2023 and to good leavers under its Discretionary Long-Term Incentive Plan ('LTIP').

Roqqett deferred consideration

Pursuant to the Acquisition, the initial £1.0 million cash consideration payment was to be followed by three deferred payments, one of up to £0.25 million (which has already been satisfied in cash) and two of £0.5 million, one in cash and the other satisfied by the issue of 573,197 ordinary shares in Equals, struck at the five-day volume-weighted average price of 87.23p as of Friday, 25 November 2022 ('Consideration Shares').  The conditions for the third deferred payment have now been met and accordingly the Consideration Shares have now been allotted and issued conditional on Admission (as defined below).  The second deferred payment remains conditional upon certain capabilities being added to the platform.

SIP Shares

The Company also announces that further to its announcement on 6 November 2023, it has allotted and issued (conditional on Admission) a total of 303,688 ordinary shares of 1 pence each to its SIP trust to be held on behalf of eligible employees (the 'SIP Shares').  Once issued the Ordinary Shares will be held in trust until the end of the holding period on 4 December 2025.  Details of the scheme are available on the Company's website www.equalsplc.com.

Leaver Shares

The Company has also allotted and issued (conditional on Admission) a total of 19,424 ordinary shares of 1 pence each to eligible former employees who were participants in the LTIP and who, having satisfied the 'good leaver' conditions of the scheme on cessation of employment, are entitled to the same under the LTIP rules (the 'Leaver Shares').

Admission to AIM

Application has been made for the Consideration Shares, SIP Shares and Leaver Shares to be admitted to trading on AIM ('Admission').  Admission is expected to occur at 8:00am on 8 December 2023.

Following Admission, the Company will have 186,627,898 ordinary shares of 1 pence each in issue admitted to trading on AIM.  The Company holds no shares in Treasury.  Accordingly, the above figure will be used as the denominator for the calculations by which shareholders will determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Following Admission, the Company will make an updated disclosure in accordance with Rule 2.9 of the Takeover Code (the 'Code') reflecting the issue of the Consideration Shares, the SIP Shares and the Leaver Shares as well as relevant disclosures relating to the SIP Shares in accordance with Article 19 of the EU Market Abuse Regulations 596/2014.

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For more information, please contact:

Equals Group plc
Ian Strafford-Taylor, CEO Richard Cooper, CFO	Tel: [phone] www.equalsplc.com
Canaccord Genuity (Nominated Adviser & Sole Broker)
Max Hartley / Harry Rees	Tel: [phone]
Buchanan (Financial Communications)
Henry Harrison-Topham / Stephanie Whitmore / Toto Berger [e-mail]	Tel: [phone] www.buchanan.uk.com

Notes to Editors:

Equals Group plc is a technology-led international payments group augmented by highly personalised service for the payment needs of SME's whether these be FX, card payments or via Faster Payments. Founded in 2007, the Group listed on AIM in 2014. For more information, please visit www.equalsplc.com.

 

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