FairFX in advanced discussions over 'substantial' acquisition

AIM-listed online payment services provider FairFX noted the recent movement in its share price and confirmed that it is in advanced negotiations in respect of a “substantial” acquisition of a payment services business.

The deal, should it proceed, would be financed through an equity placing and open offer with existing shareholders to raise around £25m through the issue of new ordinary shares at around 58p each. It is expected that the consideration payable would be approximately £15m, the majority of which would be satisfied in cash.

“There can be no certainty that the possible acquisition will proceed, nor the associated equity placing or open offer. Furthermore, the company does not have any certainty as to the terms on which the possible acquisition would proceed.”

FairFX said it will provide an update to shareholders in due course.

At 0900 BST, the shares were down 6.7% to 70p.