Fairfx Group PLC, an electronic bank and international payment provider, announced that it would pay 500,000 pounds in accordance with the agreement as a deferred consideration for the acquisition of all common capital issued by Q money Limited and its associated electronic currency licences.
The acquisition was first announced in January 2017.
In accordance with the agreement reached at the time of the acquisition, the price was deferred to Fairfx a new common stock of 1 pence per share, and 1,149,424 pairs of equity shares were acquired at a price of 43.5 pence per share. FairFX described the acquisition as an important milestone in FairFX’s path to innovation, diversifying the group’s operations and rationalizing its supply chain.
Further and final consideration of up to £325,000 May be required in the future if final performance conditions are met in 2020.
The consideration shares follow the same five-year Orderly Market Period as the initial consideration issued on January 19, 2017.
Tony Quirke, FairFX’s chief financial officer and founder of Q Money, will issue 815,988 of equity shares that will have a 12-month lockout period after listing, in addition to subject to orderly market restrictions (Orderly markets Restriction). As a result of these arrangements, Q Money’s suppliers no longer enjoy the economic benefits of Q money 20% as mentioned in the January 19, 2017 announcement.
FairFX has filed an application to allow these priced shares to be traded in the Alternative Investment Market (AIM). After the listing, FairFX will have 164,017,683 shares of 1 pence per share allowed to be traded on AIM.