Travelex initiates sale process

Maria Nikolova

Parties with a potential interest in making a proposal should contact PwC in order to enter into a customary non-disclosure agreement.

Travelex Financing Plc has just posted an announcement regarding a sale process.

The company announces that, as part of its continuing assessment of strategic options to maximise value for its stakeholders, the Board of Travelex Holdings Limited has decided to seek offers for the Travelex group, and has communicated this intention to Finablr PLC (LON:FIN).

Parties with a potential interest in making a proposal should contact PwC in order to enter into a customary non-disclosure agreement, following which they will receive certain information on the Travelex group, and will be invited to submit their indicative proposals to PwC on that basis.

Let’s recall that, in March 2020, Travelex commented on covenant compliance. Based on unaudited management accounts TP Financing 3 Limited and Travelex Limited (the “RCF Borrowers”) complied with their Q4 2019 financial covenant requiring a Leverage Ratio at or below 3.48x. Travelex estimated that there will be a reduction of Underlying EBITDA in Q1 2020 compared to the equivalent period of 2019, mostly attributable to the malware. The outbreak of COVID 19 has resulted in an increased number of airline cancellations and airport closures which is likely to worsen the position.

The Travelex Group said its view is that the RCF Borrowers are unlikely to comply with the required Leverage Ratio for Q1 2020.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<