Appointment of Non-Executive Chairman

RNS Number : 6308X

FAIRFX Group PLC

21 November 2014

 



21 November 2014

FAIRFX Group plc

("FAIRFX" or "the Company")

Appointment of Non-Executive Chairman

FAIRFX, a leading low cost, multi-currency payments provider, is pleased to announce the appointment of John Pearson as its new non-executive Chairman.

Jason Drummond, the previous Chairman who co-founded the Company in November 2005 and led the board through its recent successful listing on AIM, has informed the board that he has taken on the position as CEO at one of his other companies. Consequently, he now needs to focus more of his time and attention on this role. Accordingly, he has stepped down from the board of FAIRFX to concentrate on his new duties.

John Pearson has considerable experience in the digital, media and broadcast industries. He was co-founder and CEO of Virgin Radio for 13 years. He was also Chairman of Shazam Entertainment, a smartphone-based music identification service; co-founder of World Architecture News.com; and a director of Ginger Media Group. He is also co-founder of The Food.com. John's appointment is effective immediately.

Jason will continue to advise the Company as required on its next generation of technology, including apps and website development.

FAIRFX (UK) Limited has agreed to repay Jason's historic shareholder loan of £113,886, and Jason has agreed to subscribe for 199,800 ordinary shares of 1 penny each in the Company ("Ordinary Shares") at a price of 57 pence per Ordinary Share. Following the share subscription, Jason Drummond will hold 5,199,800 Ordinary Shares representing 7.65% of the enlarged share capital.

Application has been made to the London Stock Exchange for the 199,800 ordinary shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the 199,800 ordinary shares will commence on AIM on 26 November 2014. On Admission, the Enlarged Share Capital is expected to be 67,950,428 Ordinary Shares.

The Board wishes to place on record its appreciation for the contribution that Jason has made as a director both to the overall development of the Company and to achieving the recent listing. We wish him well in his new full time position.

In accordance with John Pearson's appointment, the Company has granted options ("Options") over 360,000 Ordinary Shares as per the below table.

Options Granted	Vesting Period (in instalments)	Exercise Price (p)
120,000	1-3 years	58
120,000	1-3 years	116
120,000	1-3 years	174

The Options are issued generally under the same terms as the Company's existing Share Option Plan and are exercisable up to the tenth anniversary of today's date

Anthony John Pearson, 57, is currently or has previously been a director of the following companies within the last 5 years:

The Food Corporation Limited

Shazam Entertainment Limited*

StarCo Media Limited*

World Architecture News.com *

*indicates no longer a director

Save as disclosed above, there is no further information required to be disclosed in accordance with Schedule 2, paragraph (g) of the AIM Rules for Companies.

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Enquiries:

 FAIRFX Group plc               [phone]

 Ian Strafford-Taylor, CEO

 Square1 Consulting             [phone]

 David Bick/Mark Longson

 Cenkos Securities plc          [phone]

 Max Hartley/Callum Davidson

About FAIRFX

FAIRFX is a leading 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 30 million merchants and over 1 million ATM's in a broad range of countries globally via Mobile apps, the Internet, SMS, 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.

In addition, FAIRFX has entered into a number of "white-label" arrangements for the use of its P2P matching platform. Customers include easyjet, ThinkMoney and Pitney Bowes. 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.

 

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