TIDMESG
RNS Number : 1751D
eServGlobal Limited
26 March 2014
eServGlobal Limited (eServGlobal or the "Company")
AGM Statement
Sydney: 26 March 2014
eServGlobal (LSE: ESG & ASX: ESV), the provider of
end-to-end mobile financial services to emerging markets, will hold
its Annual General Meeting at 11am (AEDT) today in Sydney,
Australia.
At the meeting Stephen Baldwin, Acting Chairman of the Company,
will provide the following address to shareholders on behalf of the
Board:
"We are pleased to provide you with an overview of the 2013
financial year, which was a pivotal year for eServGlobal. We made
strong progress against our strategic objectives and the Company's
return to EBITDA profitability marks an important milestone in our
journey. The hard work which has gone into restructuring the
business in recent years is now coming to fruition.
"We believe that the success of 2013 is only the beginning of
eServGlobal's leadership in the rapidly growing mobile money space.
The Company is currently trading in line with broker forecasts and
we are optimistic about the financial year ahead.
"During the last year, eServGlobal's core business continued to
expand through the signing of 10 new customers in 10 new
geographies, and also through expansion within the existing
customer base. The achievements in the core business were
complemented with the continued rollout of the HomeSend
international remittance hub, which now has over 690 live
corridors, connecting 51 countries for remittance and 76 for
airtime transfer. This continued success was a driving force behind
the creation of the joint venture with MasterCard and BICS.
"The past year has also seen a number of changes to
eServGlobal's Board. Paolo Montessori was appointed as CEO and
Managing Director, Stephen Blundell was appointed to the Board as
Finance Director and John Conoley joined the Board as a
Non-executive Director.
"More recently, following the announcement of the HomeSend joint
venture, Director Craig Halliday stepped down from the Board in
December 2013, and earlier this month, Richard Mathews resigned as
a Director and Chairman of eServGlobal to pursue other interests.
Following Richard's resignation, eServGlobal's Sydney-based Company
Secretary, Tom Rowe, was appointed as a Director of the Company in
accordance with the Australia Corporations Act requirement to have
two Australian resident directors at all times. On behalf of the
Board I would like to thank both Craig and Richard for their
efforts in shaping eServGlobal. I am sure that what they have
achieved will contribute to the Company's success for years to
come. We wish them ongoing success in their new ventures.
"As announced last month, the Board has already commenced a
search for a new Chairman who will be based in the UK and will have
a background in the global financial services and payments
industry. We are pleased to tell you that this search is well
advanced with a qualified shortlist of interested candidates and we
anticipate making an announcement in the near future.
"We have started 2014 with a healthy pipeline of ongoing work in
the core business. We continue to make strong progress and are
expanding our footprint within the Zain Group, following the
framework agreement announced last year.
"This is complemented by several announcements of promising new
projects. In Bangladesh, we recently announced an MoU to explore
the possibility of entering into a joint venture with local ISP
BDCOM to provide a platform for mobile financial services across
the country. Similarly, in Nepal we will partner with MNepal
Limited to launch a shared technology platform, which can be
accessed by all banks and financial institutions in that country.
Both these projects are innovative in the way they extend financial
access to emerging markets by offering a shared, interoperable
platform in markets where multiple mobile money deployments are
currently in operation.
"In emerging markets, in which we operate, mobile money is
reaching a new age of maturity. The next logical step is to look
for an open and neutral solution for interoperability, as recently
highlighted by industry body, the GSMA, in their "Mobile Money for
the Unbanked State of the Industry" report. There are now at least
52 markets in which two or more mobile money deployments are in
operation. Interoperability has been highlighted as a critical
step-change in the evolution of mobile money and a way to boost
rates of active users. eServGlobal is again one step ahead where
this is concerned and through our projects in Bangladesh and Nepal,
we will set the standard for mobile money innovation.
"The GSMA report also highlighted mobile financial services as a
key growth trend in the coming year. eServGlobal can offer a
complete solution in this area, allowing the service provider to
extend basic micro-finance such as micro-loans, savings or
insurance through nothing more than a mobile handset, allowing, for
example, a farmer to insure their crops directly from their mobile.
These types of services are being seen as the future of financial
inclusion.
"The HomeSend joint venture is on track to close in the first
half of April 2014. The joint venture is not only an important step
for HomeSend but for the international mobile money transfers
market. We firmly believe that HomeSend is on a path to become the
standard for affordable and instant international money transfer.
For people in developing markets, the receipt of funds from
relatives abroad is nothing short of a lifeline. Based on World
Bank estimates, remittances to developing countries will reach
around US$515 billion by 2015.
"Finally, I would like to thank all our shareholders for their
support on the journey so far as well as all our employees for the
effort and hard work that has gone into building the Company to the
position it is today. I am confident that 2014 will bring more
success for eServGlobal. "
A further announcement with the results of the AGM votes will be
released after the close of the meeting. We will also provide an
accompanying presentation at the AGM which is available on the
Company website at:
http://www.eservglobal.com/investors/relations
About eServGlobal
eServGlobal (LSE: ESG, ASX: ESV) offers mobile money solutions
which put feature-rich mobile financial services at the fingertips
of users worldwide, covering the full spectrum of mobile wallet,
mobile commerce, recharge, promotions and agent management
features. eServGlobal invests heavily in product development, using
carrier-grade, next-generation technology and aligning with the
requirements of more than 65 customers in over 50 countries.
eServGlobal also builds on its extensive experience in the telco
domain to offer a comprehensive suite of sophisticated, revenue
generating Value-Added Services to engage subscribers in a dynamic
manner. eServGlobal is partnering with MasterCard and BICS to build
the HomeSend joint venture, the market leading international
remittance hub service based on eServGlobal technology and enabling
mobile money transfer in over 50 markets.
eServGlobal has been a source of innovative solutions for mobile
and financial service providers for 30 years.
For further information, please contact:
eServGlobal www.eservglobal.com
Tom Rowe, Company Secretary T: +61 (0) 2 8014 5050
Cenkos Securities plc www.cenkos.com
Ivonne Cantú/Stephen Keys (Nomad) T: +44 (0) 20 7397 8980
Charles Stanley Securities www.csysecurities.com
Dugald Carlean/Paul Brotherhood T: +44 (0) 20 7149 6000
Newgate Threadneedle www.newgatethreadneedle.com
Hilary Millar/ Caroline Evans--Jones/Josh T: +44 (0) 20 7653 9850
Royston/ Jasper Randall
This information is provided by RNS
The company news service from the London Stock Exchange
END
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