Acquisition Update
21/12/2023 07:00
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RNS Number : 5153X Equals Group PLC 21 December 2023
For immediate release 21 December 2023
Equals Group plc
('Equals', the 'Group' or the 'Company')
Acquisition Update
Equals Group plc (AIM:EQLS), the fintech payments group focused on the
Enterprise and SME marketplace, is pleased to announce an update further to
the completion of the acquisition Oonex SA ('Oonex') as announced on 5 July
2023 (the 'Acquisition').
Oonex deferred consideration
As stated in the announcement on 27 March 2023, the Acquisition consideration
was to be satisfied by the initial issue of 3,938,294 Ordinary Shares of 1p
each in Equals ('Ordinary Shares') (which have already been issued) and
further tranches of up to 61,706 Ordinary Shares (subject to conditions) ('BDR
Shares') and up to 1,000,000 Ordinary Shares (subject to conditions)
('Deferred Consideration Shares'). The conditions for the further tranche of
1,000,000 Ordinary Shares have now been met and accordingly 1,000,000 Deferred
Consideration Shares have now been allotted and issued conditional on
Admission (as defined below). All Ordinary Shares issued as consideration for
the Acquisition are subject to a lock-in agreement for two years from
Completion.
The terms of the Acquisition provide for the issue and allotment of the BDR
Shares dependent on recovery of outstanding receivables by Oonex on or before
31 December 2023. Those outstanding receivables have not been recovered and
are not expected to be recovered by 31 December 2023, in which case the BDR
Shares will not be issued and the obligation to issue them will lapse.
Admission to AIM
Application has been made for the Deferred Consideration Shares to be admitted
to trading on AIM ('Admission'). Admission is expected to occur at 8:00am on 4
January 2024.
Following Admission, the Company will have 187,627,898 ordinary shares of 1
pence each in issue admitted to trading on AIM. The Company holds no shares
in Treasury. Accordingly, the above figure will be used as the denominator
for the calculations by which shareholders will determine if they are required
to notify their interest in, or change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.
Definitions contained herein have the same meaning as those used in the
Acquisition announcement dated 27 March 2023.
Following Admission, the Company will make an updated disclosure in accordance
with Rule 2.9 of the Takeover Code (the 'Code') reflecting the issue of the
Deferred Consideration Shares.
- Ends -
For more information, please contact:
Equals Group plc
Ian Strafford-Taylor, CEO Tel: +44 (0) 20 7778 9308
Richard Cooper, CFO www.equalsplc.com (http://www.equalsplc.com)
Canaccord Genuity (Nominated Adviser & Sole Broker)
Max Hartley / Harry Rees Tel: +44 (0) 20 7523 8150
Buchanan (Financial Communications)
Henry Harrison-Topham / Steph Whitmore / Toto Berger Tel: +44 (0) 20 7466 5000
equals@buchanan.uk.com www.buchanan.uk.com (http://www.buchanan.uk.com)
Notes to Editors:
Equals Group plc is a technology-led international payments group augmented by
highly personalised service for the payment needs of SME's whether these be
FX, card payments or via Faster Payments. Founded in 2007, the Group listed on
AIM in 2014. For more information, please visit www.equalsplc.com
(http://www.equalsplc.com) .
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