Response to Helios Consortium Announcement
Summary by AI BETAClose X
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
13 August 2026
CAB PAYMENTS HOLDINGS PLC
('CAB PAYMENTS' OR THE 'COMPANY' OR THE 'GROUP')
RESPONSE TO HELIOS CONSORTIUM ANNOUNCEMENT
On 6 August 2026, the Company announced its interim results for the half year ended 30 June 2026. Having previously indicated that the Board was considering a broad-based strategy for delivering total shareholder returns, the Company also announced the introduction of a capital management framework and the declaration of an inaugural interim dividend of 2.1 pence per CAB Payments share reflecting the Company's strong surplus capital position, confidence in its future prospects and commitment to delivering attractive returns for all shareholders through a combination of growth and shareholder distributions.
The Independent Board of CAB Payments[1] notes the announcement made by the Helios Consortium[2] on 13 August 2026 and notes that the Helios Consortium has chosen not to reduce its offer to reflect the interim dividend. The Helios offer nonetheless remains unchanged notwithstanding the Company's interim results which demonstrated the continued strong progress being made by CAB Payments and the strength of its growth trajectory, delivering on a year-on-year basis total income growth of 31% to c.£68m, Adjusted EBITDA growth of 82% to c.£24m, Adjusted EPS growth of 157% to 5.4 pence, and Emerging Market FX and Payment volume growth of 21%.
The Independent Board has consistently made clear that it would consider any proposal that appropriately reflects the value of CAB Payments and its future prospects. The Helios Consortium has had the opportunity to improve the terms of its offer but has chosen not to do so. Accordingly, the Independent Board remains of the view that the Helios offer is highly opportunistic and continues to fundamentally undervalue CAB Payments and its future prospects.
The Independent Board remains confident in the Company's strategy and its ability to deliver long-term value for shareholders and will continue to focus on the execution of that strategy going forward.
CAB Payments shareholders are advised to take no action at this time.
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Enquiries: |
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CAB Payments Holdings PLC James Hopkinson, Group CFO Gaurav Patel, Head of Investor Relations |
ir@cabpayments.com |
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Barclays Bank PLC, acting through its Investment Bank James Woolf / Aamir Khan / Anusuya Nayar / Michael Hart |
+44 (0) 20 7623 2323 |
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Investec Bank plc Chris Baird / Kamalini Hull / Luke Spells |
+44 (0) 20 7597 5970 |
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Shore Capital Toby Gibbs / Malachy McEntyre / Oliver Jackson / Harry Davies-Ball |
+44 (0) 20 7408 4090 |
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Fenchurch Advisory Partners Kunal Gandhi / Tom Murphy / Tihomir Kerkenezov |
+44 (0) 20 7382 2222 |
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FTI Consulting LLP (PR Adviser) Edward Bridges / Alexander Davis |
+44 (0) 20 3727 1000 |
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Allen Overy Shearman Sterling LLP is acting as legal adviser to CAB Payments. |
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Important notices
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction, whether pursuant to this announcement or otherwise.
The release, distribution or publication of this announcement in jurisdictions outside the United Kingdom may be restricted by laws of the relevant jurisdictions and therefore persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
Disclaimer
Barclays Bank PLC, acting through its Investment Bank ("Barclays"), which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for CAB Payments and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than CAB Payments for providing the protections afforded to clients of Barclays nor for providing advice in relation to any matter referred to in this announcement.
Investec Bank plc ("Investec"), which is authorised in the United Kingdom by the Prudential Regulation Authority and regulated in the United Kingdom by the Prudential Regulation Authority and the Financial Conduct Authority, is acting exclusively for CAB Payments and no one else in connection with the matters set out, and referred to, in this announcement and none of Investec Bank plc nor any of its affiliates, branches or subsidiaries will be responsible to anyone other than CAB Payments for providing the protections afforded to clients of Investec, nor for providing advice in relation to any matter referred to in this announcement. Neither Investec nor any of its subsidiaries, branches or affiliates or any of its and their respective directors, officers, employees, representatives or agents owes or accepts any duty, liability or shall be held responsible in any way whatsoever for any direct, indirect or consequential losses (whether in contract, in tort, under statute or otherwise) arising from the use of this announcement or the contents of this announcement or reliance on the information contained herein, except to the extent this would be prohibited by law or regulation.
Shore Capital and Corporate Limited and Shore Capital Stockbrokers Limited (together or separately as the case may be, "Shore Capital"), which is authorised and regulated in the United Kingdom by the FCA, is acting for CAB Payments and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than CAB Payments for providing the protections afforded to clients of Shore Capital nor for providing advice in relation to any matter referred to in this announcement. Neither Shore Capital nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Shore Capital in connection with the matters referred to in this announcement, any statement contained herein or otherwise.
Fenchurch Advisory Partners LLP ("Fenchurch"), which is authorised and regulated by the FCA in the UK, is acting as independent financial advisor exclusively for the Independent Board of CAB Payments and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than the Independent Board of CAB Payments for providing the protections afforded to clients of Fenchurch or its affiliates, or for providing advice in relation to the matters set out in this announcement.
In accordance with the Code, normal United Kingdom market practice and Rule 14e-5(b) of the Exchange Act, Barclays and its affiliates will continue to act as exempt principal trader in CAB Payments securities on the London Stock Exchange. These purchases and activities by exempt principal traders which are required to be made public in the United Kingdom pursuant to the Code will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com. This information will also be publicly disclosed in the United States to the extent that such information is made public in the United Kingdom.
Publication on a website
In accordance with Rule 26.1 of the Code, a copy of this announcement will be available at www.CABPayments.com, by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
Disclosure requirements of the Code
Under Rule 8.3(a) of the Code, any person who at the relevant time is interested (directly or indirectly) in 1% or more of any class of relevant securities of the offeree company or any securities exchange offeror must make a public Opening Position Disclosure (i) after the commencement of an offer period; and (ii) if later, after the announcement that first identifies any securities exchange offeror. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) of the Code applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is (or as a result of any dealing becomes) interested (directly or indirectly) in 1% or more of any class of relevant securities of the offeree company or any securities exchange offeror must make a public Dealing Disclosure if the person deals in any relevant securities of the offeree company or any securities exchange offeror during an offer period. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8 of the Code. A Dealing Disclosure by a person to whom Rule 8.3(b) of the Code applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
Where two or more persons act pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities, they will normally be deemed to be a single person for the purpose of this Rule 8.3 of the Code.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4 of the Code).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0) 20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.
The legal entity identifier of the Company is 8945007OZHZDN4LW1G21.
[1] The Board of CAB Payments, excluding Henry Obi and Nitin Kaul (the 'Independent Board').
[2] The 'Helios Consortium' comprises Helios Investors V, L.P., Helios Investors V (Mauritius) L.P. and Helios Fairfax Partners Corporation, with the support of Helios Investors III, L.P. and Helios Investors III (A), L.P. ('Helios Fund III').
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