REG - CAB Payments Hldgs - Building a world-class board to drive growth

Cab Payments HoldingsAnnouncement

Yesterday 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250430:nRSd7151Ga&default-theme=true

RNS Number : 7151G  CAB Payments Holdings PLC  30 April 2025

30 April 2025

 

CAB Payments Holdings plc and its subsidiaries

("CAB Payments", the "Group" or the "Company")

 

Building a world-class board to drive growth for the future

 

CAB Payments today announces that it will add two additional Independent
Non-executive Directors and two new Non-executive Directors nominated by
Helios Investment Partners LLP ("Nominee Directors") to its Board of Directors
(the "Board"). The Group is also announcing the retirement of Simon Poole as a
Nominee Director.  The new Directors bring significant experience in both
Payments and Emerging Markets, helping to support the Group in its strategy to
drive sustainable growth in its core FX and Payments business.

 

Independent Non-executive Directors

 

Two Independent Non-executive Directors, Kushagra ('Kush') Saxena and Peter
Klein will join the Board of both CAB Payments and Crown Agents Bank Limited,
the latter being subject to regulatory notification. Both Kush and Peter bring
significant payments, technology and emerging markets experience, and will
provide valuable oversight and highly relevant market knowledge to the Group.
Kush was formerly the CEO of Getnet, a leading LATAM payments solutions
provider and remains on its Supervisory Board. Peter is a Board member and
investor in a number of financial technology businesses, having been an
Executive Vice President in Mastercard's Payments Platforms Division.

 

These appointments have been made in the context of former Independent
Non-executive Director Mario Shiliashki stepping down from the Board in
September 2024, as previously announced. Confirmation of the effective date of
Kush's and Peter's appointments will be made in due course, and it is
anticipated that they will be proposed for formal election by shareholders at
the 2026 Annual General Meeting.

 

Nominee Directors

 

Helios Investment Partners LLP ("Helios") have nominated two Nominee Directors
to the Board. Nitin Kaul and Henry Obi CBE will be added to the Board
effective from 30 April 2025. Henry will also serve on the Board of Crown
Agents Bank Limited. Nitin is an experienced board member with over 20 years'
experience operating emerging markets businesses. He has been heavily involved
in Helios' investment in the Group since 2018. Henry is Head of Regulatory
& Public Affairs at Helios, having held the role of Chief Operating
Officer between 2006 and 2018. Henry brings significant experience and
relevant pan-African business relationships to the Group. The Board welcomes
his appointment to unlock further relationships within the Group's target
regions.

 

Both Nitin's and Henry's appointments to the Board of CAB Payments will be
effective from 30 April 2025 and they will be proposed for formal election by
shareholders at the 2026 Annual General Meeting. Henry's appointment to the
Board of Crown Agents Bank Limited will be subject to regulatory notification.

 

 

Simon Poole, an existing Nominee Director, has today informed the Board that
he wishes to retire from his roles as Non-executive Director of CAB Payments
and Non-executive Director of Crown Agents Bank Limited. As a result, the
resolution relating to Simon Poole's re-election at the 2025 Annual General
Meeting later today will be withdrawn. The Group would like to thank Simon for
his commitment and valuable contribution to the Board over the last 9 years.

 

Maintaining a strong and diverse board

 

After the intended appointments have been made, the Board will continue to
consist of individuals who bring diverse experiences and viewpoints across the
FX, Payments and Banking sectors and a shared commitment to strong governance:

·    78% of Non-executive Directors considered as independent

·    50% female Board members

·    33% of Board members from diverse backgrounds

 

Ann Cairns, Chair of CAB Payments commented:

"I am delighted to welcome Kush, Peter, Nitin and Henry to the CAB Payments
Board of Directors.  The combined expertise and experience they bring will be
an invaluable resource, enabling the organisation to continue to drive growth
through leading FX and Payments solutions in hard-to-reach markets. I would
also like to thank Simon Poole for his valuable contribution to the Board over
the last 9 years, and we wish him all the best for the future."

 

Save as set out below, there are no other matters to be disclosed under UK
Listing Rule 6.4.8R in relation to the appointment of Kush Saxena, Peter
Klein, Nitin Kaul or Henry Obi.

 

For further information, please contact:

 CAB Payments Holdings plc

 Gaurav Patel, Head of Investor Relations             ir@cabpayments.com

 FTI Consulting (Public relations adviser)

 Edward Bridges                                       +44 (0) 7768 216 607

 Katherine Bell                                       +44 (0) 7976 870 961

 cabpayments@fticonsulting.com

 Barclays (Joint Corporate Broker)                    +44 (0) 20 7623 2323

 Robert Mayhew / Aamir Khan / Anusaya Gupta

 Investec Bank (Joint Corporate Broker)               +44 (0) 20 7597 4000
 Christopher Baird / Kamalini Hull / St. John Hunter

 Shore Capital (Joint Corporate Broker)               +44 (0) 20 7408 4090
 Malachy McEntyre / Guy Wiehahn / Toby Gibbs

Notes:

 

1.      Nitin Kaul biography

Nitin Kaul has 25 years' experience in strategy consulting, M&A,
restructuring and business transformation across multiple business segments in
developed and emerging markets.  Prior to joining Helios in February 2018, he
co-founded a boutique advisory firm focused on M&A, restructuring and
operations management, primarily advising private businesses buying from, or
selling companies to, private equity firms.

 

Previously Nitin worked at Gates Corporation as President for diversified
Industrial and aftermarket businesses across emerging markets. He was a member
of the Executive Committee and of the management team that led the sale of
Gates Corporation to Blackstone in 2014. Prior to Gates, Nitin worked at
Tomkins for over 10 years in various senior roles. He was previously a senior
manager at Arthur Andersen. Nitin serves on the Boards of Directors of Axxela,
TPAY Mobile FZ-LLC, Misr Hytech and T2S.

 

Nitin does not serve on the board of any other publicly listed companies.

 

 

2.      Peter Klein biography

Peter Klein is a seasoned financial services executive and board adviser with
a track record of leading high-growth, transformational initiatives across
global financial markets. Most recently, as EVP at Mastercard, he built and
ran the cross-border payments business and led one of the company's
largest-ever acquisitions ($3B). Peter has also served as CEO of Saxo Bank UK,
President at Earthport, and global head of FX Prime Brokerage at both BofA
Merrill Lynch and J.P. Morgan. He began his career at Citibank, holding
leadership roles across the US, Europe, and Asia. Peter is actively shaping
the next wave of payments and fintech innovation through his work as an
investor and strategic advisor to a select group of emerging ventures.

 

Peter does not serve on the board of any other publicly listed companies.

 

 

3.      Henry Obi biography

Henry Obi is the Partner responsible for public and regulatory affairs at
Helios Investment Partners LLP. He is also a member of Helios's Investment
Committees. He was previously the Partner/Chief Operating Officer of Helios
from the inception of the firm in 2006 to 2018. Prior to Helios he was a
partner at Aureos Capital.

 

He is a Governor at the London Business School, and a Trustee of Prostate
Cancer UK. Henry was a board member of Eland Oil and Gas PLC and was the
Chairman of the Emerging Market Private Equity Association's (EMPEA) Africa
Council based in Washington DC. He was awarded a CBE in 2021.

 

Henry does not serve on the board of any other publicly listed companies.

 

 

4.      Kushagra ('Kush') Saxena biography

Kush Saxena is a senior fintech executive and entrepreneur with a 20+ year
track record driving P&L growth, digital innovation, and strategic
transformation globally. He has led multi-billion-dollar businesses as CEO of
GetNet and EVP at Mastercard, delivering outsized value through
technology-enabled growth and M&A. Kush also brings deep entrepreneurial
expertise through his venture incubation, advisory and investment
platform, Function Ventures. His board and advisory roles span public,
private, and venture-backed companies, including GetNet (NASDAQ: GET), Biovie
(NASDAQ: BIVI), Deere & Co.'s Global Innovation Council, and Function
Ventures. Recognised as a World Economic Forum Young Global Leader and Forbes
Councils member, he combines Fortune 50 leadership, venture agility, and
ecosystem influence to help boards drive strategic growth, operational
excellence, and sustainable value creation.

 

Kush does not serve on the board of any other publicly listed companies.

 

 

5.      Relationship Agreement information as previously disclosed:

 

Under the Relationship Agreement, the Helios Funds have a right to nominate
for appointment of one Non-executive Director (a "Nominee Director") to the
Board of the Company and to the board of Crown Agents Bank Limited whilst
their and their associates' shareholding in the Company is greater than or
equal to 10%. If the Helios Funds' and their associates' shareholding in the
Company is reduced to less than 10%, the Helios Funds will, if requested by
the Board, procure that their Nominee Director resigns from the Board of the
Company and from the board of Crown Agents Bank Limited (the "CAB Board").
Additionally, Helios has a right to nominate a second Nominee Director to the
Board of the Company whilst it and its associates' shareholding in the Company
is greater than or equal to 25%. This right does not extend to the CAB Board.
If the Helios Funds' and their associates' shareholding in the Company is
reduced to less than 25%, the Helios Funds will, if requested by the Board,
procure that one of their two Nominee Directors (if both have been appointed)
resigns from the Board of the Company.

 

6.      This announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regime Regulation (EU) No. 596/2014 as it forms
part of domestic UK law pursuant to the European Union (Withdrawal) Act
2018. The person responsible for the release of this announcement is Lesley
Martin, Company Secretary.

 

 

About CAB Payments:

 

CAB Payments Holdings plc is the holding company for Crown Agents Bank.
Regulated in the UK, Crown Agents Bank specialises in FX and cross-border
payments for hard-to-reach markets. Its strength of network and deep expertise
means it can move money into and out of the world's most complex financial
markets. Trusted by a global ecosystem of leading institutions across the
public, private and development sectors, Crown Agents Bank's strength lies in
its network which connects its clients to underserved geographies, giving them
access to 100+ currencies across 700+ currency pairs.

 

The delivery of fast, transparent and efficient transactions moves money where
it's needed. Crown Agents Bank's network offers multiple transaction
solutions, delivered via a single API, digital trading platforms, or through
bespoke approaches developed by its specialist teams.

 

Crown Agents Bank is one of the first banks to achieve B Corporation™
status. The bank was awarded the Gold Sustainability Rating by EcoVadis in
2022, 2023 and 2024, ranked within the top 5% of 100,000 companies assessed
across 160 countries and over 200+ industries.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAPKCBBCBKDAQB