REG - iFOREX Financial - Expected Intention to Float
09/05/2025 14:15
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RNS Number : 1176I iFOREX Financial Trading Holdings 09 May 2025
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, CANADA,
AUSTRALIA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION WHERE SUCH
DISTRIBUTION WOULD BE UNLAWFUL.
This announcement is an advertisement for the purposes of Rule 3.3 of the
Prospectus Regulation Rules of the Financial Conduct Authority (the "FCA")
made under section 73A of the Financial Services and Markets Act 2000 (the
"FSMA") and is not a prospectus nor an offer of securities for sale in any
jurisdiction, including in or into the United States, Canada, Australia, South
Africa or Japan.
Neither this announcement, nor anything contained herein, nor anything
contained in the Registration Document (as defined herein) shall form the
basis of, or be relied upon in connection with, any offer or commitment
whatsoever in any jurisdiction. Investors should not purchase any shares
referred to in this announcement or the Registration Document except solely on
the basis of the information contained in a prospectus in its final form
(together with any supplementary prospectus, if relevant, the "Prospectus"),
including the risk factors set out therein, that may be published by iFOREX
Financial Trading Holdings Ltd. (the "Company" and, together with its
subsidiaries, the "Group"), in due course in connection with a possible offer
(the "Offer") of ordinary shares in the Company (the "Ordinary Shares") and
the possible admission of such Ordinary Shares to the equity shares
(commercial companies) segment of the Official List of the FCA and to trading
on the Main Market for listed securities of London Stock Exchange plc (the
"London Stock Exchange") (together, "Admission"). A copy of any Prospectus
published by the Company will, if published, be available for inspection on
the Company's website at www.iforex.com/investors/investor-relations
(https://url.avanan.click/v2/___http:/www.iforex.com/investors/investor-relations___.YXAxZTpzaG9yZWNhcDphOm86MTM2Njk5ZTFmNDgzMTkxMTllZDk5YWM2ZGNmZjE5ZmM6NjoxNTM4OjU2NmJhNWVlNDQ1ZWQyNmRlZmU2YzA5ZWEwMjE2NzY5ZDc4YTQ1OWVkMWE3ZTRkOTNhZWJmYzMxY2JmNzYwNzM6cDpGOk4)
, subject to certain access restrictions.
9 May 2025
iFOREX Financial Trading Holdings Ltd.
(trading as "iFOREX")
("iFOREX", the "Company" or the "Group")
Announcement of Publication of a Registration Document and Potential IPO on
the Main Market of the London Stock Exchange
iFOREX Financial Trading Holdings Ltd., a leading fintech business with a
proprietary online and mobile trading platform for multi-asset contracts for
difference ("CFD"), announces that it is considering an initial public
offering (the "IPO" or the "Offer") and that it has earlier today published a
registration document (the "Registration Document"). The Company is
considering applying for admission of its Ordinary Shares to the equity shares
(commercial companies) category of the Official List and to trading on the
Main Market of the London Stock Exchange ("Admission").
The Registration Document has been approved by the FCA and a copy is available
for viewing online at www.iforex.com/investors/investor-relations, subject to
certain access restrictions. A copy of the Registration Document will be
uploaded to the National Storage Mechanism and be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Capitalised terms not defined in this announcement have the meaning given to
them in the Registration Document.
iFOREX Highlights:
· Developed and operates a proprietary online and mobile CFD trading
platform, allowing primarily retail clients to trade CFDs across 870+
financial instruments, including currencies, commodities, indices, stocks,
cryptocurrencies and exchange traded funds ("ETFs").
· Scalable, integrated proprietary technology solution which includes a
trading platform, customer relationship management ("CRM") platform, embedded
risk monitoring, integrated payments, and internally developed marketing
technology, enabling efficient client attraction, retention, and management.
· Data driven strategies leveraged across multiple advertising channels
to efficiently target high-value clients, delivering measurable results.
· Proven track record of navigating market turmoil with robust risk
management. The technology and policies developed by the Company offer
real-time financial risk monitoring, aggregate exposure reports, and trading
limit alerts.
· History of profitability and cash generation, iFOREX has made
significant distributions to shareholders, amounting to in excess of USD 262
million since 2014. For the year ended 31 December 2024, trading income was
USD 50.1 million, adjusted EBITDA of USD 9.7 million and adjusted profit
before tax of USD 7.6 million.
· Will be led by a seasoned Board of Directors with deep regulatory and
industry expertise, supported by a highly experienced senior management team,
most of whom have been with the business for over a decade.
· Admission is expected to raise the Company's profile, enhance
corporate governance and transparency, attract new clients, and help the
Company leverage its existing client base.
· iFOREX intends to invest the proceeds of the IPO in branding, brand
awareness, and integrating new technologies, including AI, to enhance user
experience and automation.
· Plans to obtain new regulatory licenses to increase penetration into
new and existing markets.
· The current intention is to maintain a progressive dividend policy,
and the dividend for FY25 is expected to be set at approximately 50 per cent.
of adjusted profits (as opposed to the typical historical level of a
significant portion of profits).
Itai Sadeh, CEO of iFOREX, commented:
"We are delighted to announce our potential IPO in London. This news marks a
significant milestone for our business as we continue to capitalise on the
high demand and long-term growth opportunities within our thriving sector.
London is one of the most attractive and competitive capital markets in the
world, with a deep understanding of fintech companies. The opportunities to
enhance our global brand presented through the potential listing, combined
with our strong track record of profitability, proprietary platform, and
robust risk management, position us well to accelerate growth and expand in
our target markets.
"I would like to take this opportunity to thank our dedicated employees, whose
hard work and commitment has been instrumental in our success so far. I would
also like to thank our loyal clients for their continued support and trust in
our services. We are looking forward to the challenge and goal of delivering
outstanding shareholder value in the coming years and beyond."
Enquiries:
Public Relations Adviser to iFOREX
Camarco
Marc 020 3757 4980
Cohen
iForex@camarco.co.uk
Phoebe Pugh
Sponsor and Sole Bookrunner
Shore Capital
Patrick Castle, Tom Knibbs
Guy Wiehahn 020 7408 4090
Potential Offer Highlights
Should iFOREX proceed with an IPO, the current expectation is that:
• The Company would be admitted to listing on the equity shares
(commercial companies) category of the Official List and trading on the Main
Market of the London Stock Exchange.
• The Offer would be comprised solely of new Ordinary Shares.
• The Offer would be made to institutional investors by way of a placing
together with an offer to be made to intermediaries using the Bookbuild
platform for distribution to retail investors in the United Kingdom (the
"Bookbuild Intermediaries Offer").
• Eyal Carmon, the business' founder and majority shareholder (the
"Founder"), will remain the majority shareholder of iFOREX upon Admission and
has agreed to enter into a relationship agreement upon Admission. The Founder
will continue to assist with providing his expertise to the business through a
consultancy agreement with Recap Ltd., a company wholly owned by the Founder.
• The Founder, the Directors, the Proposed Directors, and certain other
senior managers and employees who hold an interest in the Ordinary Shares
through an employee share ownership trust (the "ESOP") have agreed to a
12-month lock-up period, and subsequent 12 month orderly market period, in
respect of their interest in the Ordinary Shares held at Admission.
• Any additional details in relation to the Offer, together with any
changes to corporate governance arrangements would be disclosed in an
Intention to Float ("ITF") announcement and/or the Prospectus, if and when
published.
• The Company has engaged Shore Capital and Corporate Limited as
Sponsor and Shore Capital Stockbrokers Limited as Sole Bookrunner in the event
the Offer proceeds.
Investment Highlights
The Directors believe that iFOREX benefits from a combination of competitive
advantages which positions the Company to build on the strong foundations
built to date to grow revenue and profitability. In particular, the Directors
believe that iFOREX benefits from the following key strengths:
Scalable and integrated solution, including a proprietary trading platform,
offering a high-quality user experience and intelligent back-end workflows
· The Company's scalable and integrated solution offers a high-quality
trading experience through its trading platform ("Trading Platform"), with
continued enhancements to user experience and client journey supported by
analytically driven customer service for its high value clients and fully
integrated back-end workflows to improve marketing and operational outcomes.
· The Trading Platform is a proprietary solution, created in-house,
which is continually updated and improved by a dedicated development team.
This flexibility allows the Group to adjust quickly to regulatory changes and
to roll out new products and features to enhance the client journey and user
experience.
· The Trading Platform is fully integrated with the Group's proprietary
organisational operating system or Statistical Client Motivation Management
platform ("SCMM"). This operating system is a scalable suite of modules,
designed to automate and optimise work processes, including client
relationship management, analysis and event-based task management which
assists the Group in achieving efficiencies and the effective handling of both
prospective and active clients.
· The Directors and the Proposed Directors believe that one of the key
features of the Group is its Group's ability to provide human support at key
intersections in the client's engagement with the Group that continues
throughout the lifetime of the client. The Trading Platform is equipped with a
selection of decision assisting trading tools, advanced live charts and
indicators to help inform clients with trading choices and strategy
development.
Data driven client acquisition to efficiently target valuable clients
· The Group's marketing strategy primarily focuses on targeting high
quality prospective clients through cost-effective marketing initiatives
across multiple advertising channels which provides measurable results for the
Group. The Group utilises its marketing technology and SCMM platform to
profile potential clients based on various data points collected at
registration and thereafter, ultimately aiding the Group in focusing on
targeting New Clients that will be most valuable to the Group.
· To assist with implementing the Group's marketing strategy, the Group
has developed a proprietary marketing technology which manages marketing
budgets, the placement of campaigns on websites, and provides quick and
in-depth analysis on the performance of each campaign. This technology
provides insights to the marketing department to continually target
improvements in efficiency of client acquisition helping the Company to
allocate marketing resources to lower client acquisition cost and assist its
'in-house advertising agency' to maximise the return on investment of
marketing spend and to continue to attract valuable clients.
· The Group's SCMM platform also profiles potential clients based on
various data points collected at registration. This aids the Group in focusing
efforts on prospective clients with higher potential for converting into
clients and uses predictive models to target New Clients who will be most
valuable to the Group both in terms of loyalty and potential transaction
volumes.
Highly cash generative business with a strong track record of paying dividends
to its shareholders
· iFOREX has been highly profitable with excellent cash generation
which has allowed the Group to make significant distributions to shareholders
amounting to in excess of USD 262 million since 2014.
Comprehensive and rigorous risk management capabilities
· iFOREX's risk management approach is central to the function and
success of the Group's business. To assist with this, the Group has developed
technology which incorporates real-time financial risk monitoring including
aggregate exposure reports provided by, inter alia, instrument, asset class,
broker, geography, client groupings and single client.
· The technology and policies developed by the Group incorporate
real-time financial risk monitoring, including aggregate exposure reports and
real-time financial risk limitation systems with certain trading limit
triggers and alerts. The Group does not use any external hedging products and
instead manages its risk by placing limits on exposure and matching its
client's positions and monitoring, and managing, its clients unmatched
positions against pre-determined thresholds.
· The success of this monitoring system is evident from the last 10
years, where despite there being a number of global macroeconomic events,
there have been no revenue level losses over any one-month period.
Highly experienced Board of Directors combined with a seasoned management
team, the majority of whom have been in the business for more than 10 years
· The Company will be overseen by a highly experienced Board of
Directors, comprising individuals with extensive regulatory and compliance
expertise and relevant industry experience.
· The Group has a strong senior management team, the majority of whom
have been in the business for more than 10 years, resulting in a wealth of
experience and extensive knowledge of both the Group itself and also the
sector in which it operates.
· The Directors and Proposed Directors believe the senior management
team have been instrumental to the success of the Group, bringing together
complementary skills across technology, particularly in software and user
interface development, the understanding of financial markets and regulatory
expertise.
Significant opportunities for growth in a business benefitting from an
industry with long term international growth drivers
· The online financial trading industry benefits from a number of
significant growth opportunities resulting from further technological and
demographic changes. As of 2024, there were approximately 5.5 billion internet
users worldwide, representing 68 per. cent. of the global population. A number
that is expected to grow particularly with expanding middle classes in Asia
and Africa.
· The Directors and Proposed Directors expect that increasing growth of
internet access and disposable incomes amongst its target markets is expected
to drive business growth going forward. Similarly, technological advancements
in online financial trading including leveraging AI and machine learning for
predictive analytics, algorithmic trading and personalised investment advice
can enhance trading efficiency and opportunities for clients. The use of
mobile trading platforms can also bring in a broader, more tech-savvy audience
of young investors. The growth of more tech-enabled generations with
disposable income will benefit online platforms over more traditional trading
and wealth management services.
Growth Strategy:
iFOREX has a focused plan to continue to grow revenue and profitability which
leverages the strong foundations built to date and intends to attract new
clients in existing markets and by applying for new regulatory licences and/or
expanding into new jurisdictions. In order to make the Trading Platform more
attractive, the Group will continue to evolve the products that it offers.
Attracting New Clients in existing markets
· In the Group's existing markets there remains significant opportunities
to capture market share from other CFD providers.
· The Group has a sophisticated marketing engine and focussed marketing
strategy which it intends to leverage through increased marketing spend in
order to enhance its position and improve brand recognition in the CFD market
and to attract New Clients to the Trading Platform.
Increasing the longevity of the Group's Active Clients
· The Group intends to invest in its Trading Platform to enhance user
experience and the breadth of its offering so as to improve retention and
drive engagement. This improved experience will include continuing to improve
the product offering and engaging Active Clients with insight to encourage
trading activity.
Accessing new markets
· The Directors believe there is significant opportunity for expansion
into markets in which the Group does not presently operate. The Group is well
positioned to enter into new geographies using the FIH licence. Key success
factors include marketing spend, adaptation of the customer interface with
differing languages and payment provisions and brand recognition.
· The Company will evaluate new licence applications based on the
commercial opportunity. These include Australia, Malaysia, New Zealand, the
Philippines, Chile, the UAE and the United Kingdom.
Seek strategic M&A opportunities
· The CFD broker universe is highly fragmented across many geographical
markets and products. The Group may seek bolt-on acquisitions that offer
complementary technologies, products or geographies.
· The Directors and the Proposed Directors believe that well managed
listed CFD providers benefit from scale and brand recognition. Accordingly,
they believe that becoming a listed company will help achieve its growth
ambitions.
Supplementary information for bona-fide unconnected sell-side research
analysts
A presentation and related information for unconnected research analysts will
be made available via a link from today. Please contact Camarco at
iForex@camarco.co.uk if you would like to receive access to the information.
The Group reserves the right not to hold an in-person unconnected analyst
presentation.
Further information on iFOREX
Current Trading and Outlook
The Group has had a good start to the year with trading income for the first
quarter of 2025 ahead of the first quarter of 2024. 3,558 new clients were
added in Q1 2025 which is more than in the equivalent period last year and the
previous quarter, which is an encouraging sign that the business is making
progress. Nearly 34 per cent. of revenue was from foreign exchange
transactions, with income from commodities being the second largest
contributor to revenue. The Group has seen enhanced volatility in the second
quarter following the announcement of US Tariffs on "Liberation Day" (2 April
2025) and other countries subsequently announcing or contemplating reciprocal
tariffs. This has made markets more volatile, and the Group has seen increased
trading activity from its clients as a consequence which resulted in revenues
in April 2025 increasing by 46 per cent. compared to revenues in April of
2024. The Board expects volatility in markets (equities, foreign exchange,
commodities) to remain elevated for some time as a consequence of the recent
change in US foreign policy.
Financial Information
Consolidated statements of profit or loss and other comprehensive income
Year ended Year ended Year ended
31 December 31 December 31 December
2022 2023 2024
USD '000 (except per share data)
Trading income 76,792 49,657 50,148
Revenue 76,792 49,657 50,148
Selling and marketing expenses (46,861) (38,244) (37,406)
Administrative and general (2,896) (3,213) (5,116)
expenses
Profit from operations 27,035 8,200 7,626
Finance income 28 101 256
Finance expense (919) (731) (1,858)
Profit before tax 26,144 7,570 6,024
Taxes on income (33) (816) (904)
Profit for the period 26,111 6,754 5,120
Profit attributable to:
Owners of the parent 21,744 5,625 3,931
Non-controlling interests 4,367 1,129 1,189
26,111 6,754 5,120
Other comprehensive income:
(Loss)/ gain on foreign currency translation (357) 525 (521)
Total comprehensive income 25,754 7,279 4,599
Total comprehensive income attributable to:
Owners of the parent 21,453 6,058 3,476
Non-controlling interests 4,301 1,221 1,123
25,754 7,279 4,599
Earnings per share attributable to
the parent:
Basic and diluted (USD) 217,440 56,250 39,310
Consolidated statements of financial position
As at As at As at
31 December 2022 31 December 2023 31 December 2024
USD '000 USD '000 USD '000
Assets
Non-current assets
Property, plant, and equipment 669 714 593
Right of use assets 219 1,871 1,622
Total non-current assets 888 2,585 2,215
Current assets
Trade and other receivables 7,847 3,862 9,295
Other current financial assets - 940 -
Cash and cash equivalents 11,739 17,810 8,613
Total current assets 19,580 22,612 17,908
Total assets 20,468 25,197 20,123
Liabilities
Current liabilities
Bank overdrafts 30 43 43
Lease liabilities 55 400 314
Trade and other payables 7,071 2,650 8,306
Tax liabilities 6 172 -
Total current liabilities 7,162 3,265 8,663
Non-current liabilities
Lease liabilities 165 1,512 1,411
Total non-current liabilities 165 1,512 1,411
Total liabilities 7,327 4,777 10,074
Net assets 13,141 20,420 10,049
Equity
Share capital
Reserve for transactions with non-controlling interests - - (1,630)
Translation reserve 407 840 385
Retained earnings 10,536 16,161 8,370
Total 10,943 17,001 7,125
Non-controlling interest 2,198 3,419 2,924
Total equity 13,141 20,420 10,049
Consolidated statements of cash flows
Year ended Year ended Year ended
31 December 2022 31 December 2023 31 December 2024
USD '000 USD '000 USD '000
Cash flows from operating activities
Profit for the period 26,111 6,754 5,120
Adjustments required to reflect the cash flows from operating activities:
Depreciation of property, plant, and equipment and amortisation of right of 172 483 553
use assets
Share based payment charge - - 257
Finance income (28) (101) (256)
Finance expense 3 100 153
Income tax expense 33 816 904
Net cash generated from operating activities before changes in working capital 26,291 8,052 6,730
(Increase)/ decrease in trade and other receivables (5,241) 3,963 (4,558)
Increase/ (decrease) in trade and other payables 930 (4,148) (276)
Cash generated from operations 21,980 7,867 1,896
Tax paid (35) (650) (1,951)
Net cash flows from operating activities 21,945 7,217 (55)
Cash flows from investing activities
Purchase of property, plant and equipment (326) (327) (82)
Purchase of investment financial assets - (912) 950
Interest received 28 101 256
Net cash used in investing activities (298) (1,138) 1,124
Cash flow from financing activities
Dividends paid (14,004) - (5,791)
Dividend paid to non-controlling shareholders (2,767) - (3,504)
Payments of lease liabilities (14) (100) (293)
Interest paid (3) (100) (153)
Net cash used in financing activities (16,788) (200) (9,741)
Net increase in cash and cash equivalents 4,859 5,880 (8,672)
Effect of foreign exchange rate changes 542 178 (526)
Cash and cash equivalents at beginning of the period 7,392 11,709 17,767
Cash and cash equivalents at end of period 11,709 17,767 8,569
Cash and cash equivalents are defined as:
Cash at bank and in hand 11,739 17,810 8,613
Bank overdrafts (30) (43) (43)
11,709 17,767 8,570
The principal non-cash transactions comprise:
Recognition of right of use assets against lease liabilities 215 1,802 125
215 1,802 125
Non-IFRS Financial Data
The following measures for the years ended 31 December 2022, 2023 and 2024
were used to monitor and manage financial performance.
These measures are non-IFRS measures that are not calculated in accordance
with IFRS.
Year ended Year ended Year ended
31 December 2022 31 December 2023 31 December 2024
(unaudited) (unaudited) (unaudited)
(USD '000) (USD '000) (USD '000)
Adjusted profit before tax(1) 26,144 7,570 7,592
Adjusted EBITDA(2) 27,207 8,683 9,747
Adjusted EBITDA margin(3) 35.4% 17.5% 19.4%
Notes:
(1) Adjusted profit before tax is calculated as profit before tax
excluding the impact of share-based payment charges and other exceptional
costs. The table below reconciles adjusted profit before tax to profit before
tax for the years ended 31 December 2022, 2023 and 2024.
The following table presents a reconciliation of Adjusted Profit Before Tax to
Profit before tax, the most directly comparable IFRS measure, for the period
presented:
Year ended Year ended Year ended
31 December 2022 31 December 2023 31 December 2024
(unaudited) (unaudited) (unaudited)
(USD '000) (USD '000) (USD '000)
Profit before tax 26,144 7,570 6,024
Share based payments - - 257
Other exceptional costs* - - 1,311
Adjusted profit before tax 26,144 7,570 7,592
*Other exceptional costs relate to costs associated with Admission.
(2) Adjusted EBITDA is calculated as profit from operations before
interest, taxes, depreciation and amortisation and excluding the impact of
share based payment charges and other exceptional costs.
The following table presents a reconciliation of Adjusted EBITDA to Profit
from operations, the most directly comparable IFRS measure, for the period
presented:
Year ended Year ended Year ended
31 December 2022 31 December 2023 31 December 2024
(unaudited) (unaudited) (unaudited)
(USD '000) (USD '000) (USD '000)
Profit from operations 27,035 8,200 7,626
Depreciation of property, plant, and equipment and amortisation of right of 172 483 553
use assets
EBITDA 27,207 8,683 8,179
Share based payments - - 257
Other exceptional costs* - - 1,311
Adjusted EBITDA 27,207 8,683 9,747
*Other exceptional costs relate to costs associated with Admission.
(3) Adjusted EBITDA margin is calculated by dividing adjusted EBITDA
by revenue
Regulation
The market in which the Group operates and provides services to clients is a
regulated one.
The Group has obtained regulatory authorisations from the Cyprus Securities
and Exchange Commission ("CySEC") and provides services throughout the
European Economic Area ("EEA") (with the exception of Belgium and Cyprus) and
has obtained ''passports'' granted in accordance with MiFID.
The Group also has relevant regulatory authorisations from the Financial
Services Commission in the British Virgin Islands ("BVI") and provides its
services to clients located outside the EEA (subject to regulatory
restrictions) through its BVI-registered entity, Formula Investment House
Limited.
Board Information
Ron Golan - Proposed Non-Executive Chairman
Mr Ron Golan will join as Non-Executive Chairman in the event of and
conditional upon any Admission.
Ron was a Director and the Chief Financial Officer of NASDAQ-listed Finnovate
Acquisition Corporation from November 2021 to May 2023. He began his career at
Morgan Stanley, where he served as a Managing Director and Head of Israel,
Central and Eastern Europe (CEE), and Africa for Investment Banking and
Capital Markets from 1997 to 2012. Following this role, Ron joined Renaissance
Capital as Managing Director in 2012 and was Co-Head of Investment Banking
when he left in 2015. He then took on the role of Managing Director and Head
of Origination for Israel and Africa at VTB Capital Plc from 2017 to 2019.
Ron holds a BA in Economics and Management from Tel Aviv University and an MBA
from Harvard Business School.
Itai Sadeh - Chief Executive Officer
Mr Itai Sadeh is the Chief Executive Officer of the Group and was appointed as
a Director on 30 April 2025.
Since June 2023, Itai Sadeh has been the Chief Executive Officer of I For
Fintech Ltd., an Israeli incorporated subsidiary of the Company, having
previously from July 2020 been a Senior Advisor to the board of the Company.
Itai is an experienced executive with extensive experience in corporate
development, regulatory and legal affairs and financial technology and has
been providing services to the Group since May 2011.
From July 2016 to June 2020, he was Executive Director and VP of Corporate
Development at Vallister Ltd., a then-UK incorporated subsidiary of the
Company, where he played a key role in driving corporate strategies. Prior to
this, he served as General Manager of EFIX Foreign Exchange Ltd., an Israeli
subsidiary of the Company, from March 2013 to June 2016, following a role as
General Counsel at the same company from May 2011 to February 2013.
Before joining the Group, Itai held the position of General Counsel at RRsat
Global Communications Network Ltd., then a public company listed on NASDAQ (it
was later acquired by SES S.A.), which was at the time based in Re'em, Israel,
from February 2007 to April 2011, where he managed the legal aspects of the
corporate operations.
He is a qualified lawyer and a member of the Israeli Bar Association holding
an LL.B. in Law from The Hebrew University of Jerusalem and an LL.M. in
Commercial Law (with honours) from the executive program of the Tel Aviv
University in collaboration with the University of California, Berkeley.
Shirley Winkler Hollander - Chief Financial Officer
Shirley Winkler Hollander is the Chief Financial Officer of the Group and was
appointed as a Director on 30 April 2025.
Shirley Winkler Hollander joined as the Chief Financial Officer of the Group
in October 2024. Shirley has over a decade of experience in finance and
accounting and has expertise in financial regulation and policies.
Before joining the Group, Shirley served as the Director of Finance at STK
Bio-Ag Technologies from June 2021 to July 2024. In this role, she was
responsible for implementing financial strategies and supporting the company's
growth and innovation. Prior to that, she was the Associate Director of
Accounting at Teva Pharmaceuticals from October 2017 to June 2021.
Shirley was also an Assurance Manager at Ernst & Young specialising in
auditing and financial analysis from December 2010 to September 2017. Her
diverse experience has equipped her with a comprehensive understanding of the
financial landscape.
Shirley holds a Bachelor's degree in Economics from Ben-Gurion University of
the Negev.
Sir Michael Davis - Proposed Non-Executive Director
Sir Michael Davis will join as a Non-Executive Director in the event of and
conditional upon any Admission.
Sir Michael is currently Executive Chairman of Vision Blue Resources Ltd, a
private equity firm investing in critical minerals which he founded in 2021
and Non- Executive Chairman of MacSteel, a global trading and shipping
company.
He was Chief Executive Officer of Xstrata plc until 2013, one of the world's
largest global diversified mining and metals companies which he grew in a
10-year period from a market value of USD 500 million to USD 60 billion,
employing more than 90,000 people and operating in over 22 countries.
Previously, Sir Michael was an Executive Director and Chief Financial Officer
of Billiton plc and Chairman of Billiton Coal. Prior to joining Billiton, Sir
Michael was an Executive Director of South African state-owned Eskom, one of
the world's largest electricity utilities.
Sir Michael has extensive capital markets and corporate transactions
experience. During his career, he has raised almost USD 40 billion from global
capital markets and successfully completed over USD 120 billion of corporate
transactions. Some of his successes are the creation of the Ingwe Coal
Corporation in South Africa; the listing of Billiton on the London Stock
Exchange; the merger of BHP and Billiton into the largest diversified mining
company in the world; the initial public offering of Xstrata plc on the London
Stock Exchange in 2002 and Xstrata's subsequent acquisitions of MIM Holdings
and Falconbridge Ltd., amongst others, and most recently, the successful
merger of Xstrata and Glencore and the establishment of Vision Blue Resources
Ltd.
Sir Michael is a Chartered Accountant by profession. He holds an honours
degree in Commerce from Rhodes University, South Africa and an Honorary
Doctorate from Bar Ilan University. In the 2015 Queen's Birthday Honour's
List, Sir Michael was made a Knight's Bachelor.
Denzil Jenkins - Proposed Non-Executive Director
Mr Denzil Jenkins will join as a Non-Executive Director in the event of and
conditional upon any Admission.
Denzil Jenkins currently serves as the Chair of OneChronos Markets UK, a firm
seeking authorisation from the FCA as a multilateral trading facility. Denzil
has over 30 years of experience in financial services. Until 2022, he was
Group Chief Compliance Officer at London Stock Exchange Group ("LSEG"), a
leading global financial infrastructure and data provider. There, he oversaw
regulatory compliance, including financial crime & sanctions prevention,
across the group's many trading venues, clearing houses and index businesses.
In his 12 years at LSEG, Denzil held several key positions including at the
London Stock Exchange, as Head of UK Compliance & Group Regulatory Policy,
Chief of Staff to the CEO, and notably, Interim CEO in 2020.
Before joining LSEG, Denzil was with Chi-X Europe from 2008, where he played a
key role in its growth to become the leading pan-European equity trading
platform. He was also at the FSA, where he managed the team supervising UK
equity exchanges and trading platforms for four years, ensuring regulatory
adherence in a rapidly evolving financial landscape. Prior to this, he was at
Deutsche Bank including as a Director originating and executing corporate
finance and equity capital markets transactions.
Denzil holds a Master's degree in Economics from the University of Cambridge.
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