REG - Fonix PLC - Change of regulation in Republic of Ireland

FonixAnnouncement

18/10/2024 07:00

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RNS Number : 6796I  Fonix PLC  18 October 2024

Fonix plc

("Fonix" or the "Company")

Change of regulation in Republic of Ireland

 

In the Republic of Ireland, the Gambling Regulation Bill (the "Bill"), which
has been under consideration in the Irish Parliament since December 2022, and
previously noted by the Company, has been approved by the Oireachtas (the
Parliament of Ireland) and will pass into law once enacted by the President.
The Bill aims to establish a new Gambling Regulatory Authority of Ireland (the
"Regulator") to oversee licensing and regulation of gambling, betting, and
certain lotteries in the country.

The final Bill contains no specific references to broadcaster prize draw
competitions ("Prize Draws"), and in particular those containing a 'no
purchase necessary' route of entry. It is therefore not clear whether the
legislation covers 'no purchase necessary' Prize Draws.  To that end, our
Irish broadcaster customers, which represented the vast majority of the
Company's revenue outside the UK in FY24, are continuing to seek legal advice
over the potential impact, if any, of the Bill on their business.

The Company's current expectations are for customer services in Ireland to
continue to operate unchanged, although it is recognised this could change as
the regulatory position becomes clearer or an implementation plan is released
by the new Regulator that provides further clarity. As such, market
expectations for the current financial year remain unchanged.

 

Enquiries

Fonix Mobile plc
 
 Tel: +44 20 8114 7007

Robert Weisz, CEO

Michael Foulkes, CFO

 

Cavendish Capital Markets Limited (Nomad and Broker)
Tel: +44 20 7220 0500

Jonny Franklin-Adams / Seamus Fricker (Corporate Finance)

Sunila de Silva/ Harriet Ward (ECM)

 

About Fonix

Founded in 2006, Fonix provides mobile payments and messaging services for
clients across media, telecoms, entertainment, enterprise and commerce.

When consumers make payments, they are charged to their mobile phone bill.
This service can be used for ticketing, content, cash deposits and donations.
Fonix's service works by charging digital payments to the mobile phone bill,
either via carrier billing or SMS billing. Fonix also offers messaging
solutions.

Based in London, Fonix is a fast growth business driven by blue chip clients
such as ITV, Bauer Media, RTÉ, Global Media, Comic Relief and BBC Children in
Need to name a few.

 

 

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