REG - Eurowag - FireTMS restructuring option

WAG Payment SolutionsAnnouncement

25/04/2024 07:00

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RNS Number : 9358L  Eurowag  25 April 2024

25 April 2024

 

W.A.G payment solutions plc

 

FireTMS restructuring option for remaining 19% equity shareholding

 

W.A.G payment solutions plc ("Eurowag", or the "Group") a leading pan-European
integrated payments and mobility platform focused on the commercial road
transportation industry ("CRT"), today announces a restructuring of its call
option for the remaining 19% equity shareholding in FireTMS.

 

Eurowag acquired an 81% shareholding in FireTMS as part of the Inelo
acquisition, with a put and call option being in place for the remaining 19%
equity shareholding under pre-agreed terms, exercisable in 2026. Following the
period of ownership, Eurowag has decided that it would benefit the Company to
utilise the FireTMS' expertise for its new digital platform. Eurowag therefore
has today restructured the option mechanism in order to accelerate the FireTMS
integration. The maximum option price and final option timing remains the
same, however the payments will be phased and subject to new terms. Eurowag
will buy 7.6% of the equity shareholding for €3.4m, paid in two equal
instalments in April and July 2024. The final 11.4% equity shareholding
remains subject to an option mechanism exercisable in H1 2026 and the price is
subject to certain financial and KPI targets met by FireTMS.

 

Eurowag will be acquiring the remaining 19% of FireTMS from two minority
shareholders: Krzysztof Adamczyk and Sebastian Rzytki. As Krzysztof Adamczyk
is Director of FireTMS, the restructuring of the put and call option
constitutes a smaller related party transaction for Eurowag, falling within
LR11.1.10 R. Accordingly, Eurowag has received confirmation from a sponsor,
that the terms of the restructuring of the put and call option are fair and
reasonable as far as the shareholders of the Company are concerned.

 

ENQUIRIES

 

Eurowag

Carla Bloom

Head of Investor Relations and Communications

+44 (0) 789 109 4542

investors@eurowag.com (mailto:investors@eurowag.com)

 

Powerscourt

Justin Griffiths, Gilly Lock

IR and international media

+44 (0)20 7250 1446

eurowag@powerscourt-group.com (mailto:eurowag@powerscourt-group.com)

 

About Eurowag

Eurowag was founded in 1995 and is a leading technology company and an
important partner to Europe's commercial road transport industry, with a
purpose to make it clean, fair and efficient. Eurowag enables trucking
companies to successfully transition to a low carbon, digital future by
harnessing all mission critical data, insights and payment and financing
transactions into a single ecosystem and connects their operations seamless
before a journey, on the road and post-delivery. http://www.eurowag.com
(http://www.eurowag.com)

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