FairFX to pay £500,000 as deferred consideration for acquisition of Q Money
Further and final consideration of up to £0.325 million may be payable in the future.
E-banking and international payments provider Fairfx Group PLC (LON:FFX) has just announced that it will pay £500,000 as deferred consideration in accordance with the agreement to acquire the entire issued ordinary share capital of Q Money Limited with its associated e-money licence.
The acquisition was initially announced in January 2017.
As agreed at the time of the acquisition, the deferred consideration is payable in new ordinary shares of 1p each in the company at a price of 43.5p per share, equating 1,149,424 Consideration Shares. Today, FairFX noted that the acquisition proved to be an important milestone in the evolution of FairFX, enabling diversification of the group’s operations using its e-money licence which underpins the group’s digital banking products as well as rationalisation of the Group’s supply chain including direct membership of Mastercard for self-issuance of cards.
Further and final consideration of up to £0.325 million may be payable in future, subject to the achievement of a final performance condition in 2020.
The Consideration Shares will be subject to the same five-year orderly market period as the initial consideration shares issued, which commenced on January 19, 2017. Tony Quirke, CFO of FairFX and founder of Q Money, is to be issued with 815,988 Consideration Shares which will be subject to a 12-month lock-in period following Admission, in addition to the orderly market restriction. As a result of these arrangements the vendors of Q Money are no longer entitled to the 20% economic interest in Q Money referred to in the January 19, 2017 announcement.
Application has been made for the Consideration Shares to be admitted to trading on AIM. After the shares admission, the company will have 164,017,683 ordinary shares of 1p each in issue admitted to trading on AIM.
