Exercise of Warrants & Issue of Equity

RNS Number : 9520T

FAIRFX Group PLC

26 March 2019

 

26 March 2019

FairFX Group plc

("FairFX" or "the Group" or "the Company")

Exercise of Warrants & Issue of Equity

FairFX, the e-banking and international payments group, announces the exercise of warrants over 7,500,000 new ordinary shares in the Company ("Warrants"), raising approximately £2.0 million (before expenses) for the Group. The funds raised from the exercise of Warrants will support the Group's growth plans in 2019 and beyond.

The Warrants were issued to Crystal Amber Fund Limited ("Crystal Amber") in conjunction with the Company's equity placing announced in March 2016.  

Pursuant to this exercise of Warrants, the Company has applied for 7,500,000 new ordinary shares of 1p each to be admitted to trading on AIM ("Admission"). It is expected that Admission will take place at 8.00 a.m. on 27 March 2019. Following Admission, the Company will have 162,868,259 ordinary shares of 1p each in issue admitted to trading on AIM. This figure, 162,868,259, may be used by Shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For more information, please contact:

FairFX Group plc         Ian Strafford-Taylor, CEO	[phone]
Cenkos Securities plc - Nominated Advisor and Joint Broker Max Hartley (Nomad) Callum Davidson    Nick Searle - Sales	[phone]
Canaccord Genuity Limited - Joint Broker Bobbie Hilliam David Tyrrell Alex Aylen - Sales	[phone]
Yellow Jersey                          Charles Goodwin Joe Burgess Annabel Atkins	[phone]

About FairFX

FairFX is a leading challenger brand in banking and payments that disintermediates the incumbent banks with a superior user experience and low-cost operating model. This 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 30 million merchants and over 1 million ATM's in a

FairFX provides banking and payment services to both personal and business customers through four channels: Currency Cards, Physical Currency, International Payments and Bank Accounts. The Currency Card and Physical Currency offerings facilitate multiple overseas payments at points of sale and ATM's whereas the International Payments channel supports wire transfer foreign exchange transactions direct to Bank Accounts. For Corporates, FairFX has a market-leading business-expenses solution based around its corporate prepaid platform and card that can yield significant savings on a Corporate's procurement through better controls and improved transparency and also streamline the procurement process thus saving administrative costs. Through the recent acquisition of CardOne, FairFX now has the capability to offer retail and business Bank Accounts with all the functionality you would expect from a Bank, namely faster payments, BACs, direct debits, international payments and a debit card.

 

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