Further re. strategic investment by Crystal Amber

RNS Number : 7585R

FAIRFX Group PLC

10 March 2016

 

10 March 2016

FairFX Group plc

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

Further re. strategic investment by Crystal Amber

Further to the Company's recent announcement regarding the conditional placing with Crystal Amber Fund Limited ("Crystal Amber") and other institutional investors, FairFX announces that Crystal Amber has obtained approval from the FCA in connection with its acquisition of a Qualifying Holding (as defined in Payment Services Regulations 2009) in the Company's subsidiary FairFX Plc.

Accordingly, the Company expects to issue all of the Placing Shares in one tranche.  Conditional upon the relevant resolutions being passed at the General Meeting and admission of the Placing Shares to trading on AIM, Crystal Amber will invest the full amount of its placing participation, being £5.0 million, in the Company.  This Strategic investment will be used to accelerate FairFX's marketing activities and aggressively target the Corporate Card segment in 2016.

The Company will make an application in due course for the Placing Shares, being 26,250,000 Ordinary Shares, to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur on 30 March 2016. Following Admission, the Company will have 103,116,039 ordinary shares in issue.

Unless otherwise defined, defined terms within this announcement have the same meanings as those to be set out within the Circular, which was posted to Shareholders on 8 March 2016.

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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