Alpha FX Group PLC Share Ownership Schemes (9722T)
20 Novembre 2019 - 8:00AM
UK Regulatory
TIDMAFX
RNS Number : 9722T
Alpha FX Group PLC
20 November 2019
20 November 2019
Alpha FX Group plc
("Alpha FX", "Alpha" or the "Group")
Alpha Payments Solutions Employee Share Ownership Scheme and
revision to Institutional Employee Share Ownership Scheme
Alpha FX Group plc (AIM: AFX), a UK-based foreign exchange and
payments specialist working for corporates and institutions
internationally, wishes to update shareholders on the employee
share ownership incentive scheme for the Alpha Payments Solutions
division (previously known as Alpha Banking Solutions in the
Interim Report) as well as inform shareholders of revisions to the
existing employee share ownership incentive scheme for the
Institutional Division.
Alpha Payment Solutions
The Group has put in place an employee share ownership incentive
scheme for certain individuals employed in the Group's newly formed
business division, Alpha Payments Solutions ("APS").
In order to maximise the potential of APS, the Group has
recruited a number of key individuals with significant experience
in supporting corporate clients with more effective and efficient
strategies to make and receive cross-border payments (the "APS
Participants").
As mentioned in the Interim Report, APS, which sits within Alpha
FX Limited (the Group's main operating subsidiary), is led by Adam
Dowling, who reports directly to the executive directors of the
Group.
A new class of shares ("D Shares") in Alpha FX Limited has been
created, with 82% owned by the Group, 10% owned by Adam Dowling and
8% owned by the remaining APS Participants. The value of the D
Shares will be linked to the performance of the APS business. The
APS share ownership incentive scheme is structured in a similar way
to the incentive schemes implemented for the Canadian Office and
the Institutional Division. From March 2023, the APS Participants
will have the option to convert 25% of their holding of D Shares
into Group shares each year for four years (with the final option
being exercisable in March 2026). At conversion, and in exchange
for converting their D shares into shares in the Group, the APS
Participants' holding of D Shares in Alpha FX Limited will
commensurately decrease and the Group's holding will commensurately
increase.
Institutional Division
Following the continued success of the Institutional Division,
launched in March 2018, the Group is in the process of adjusting
the employee share ownership incentive scheme to include additional
key employees and further employees in the future. The existing
employee shareholders have agreed with Alpha FX Limited to reduce
their shareholding in Alpha FX Institutional Limited to enable
equity to be awarded to future and existing employees to support
the ongoing growth of the division. As a result, Alpha FX Limited
will increase its shareholding in Alpha FX Institutional Limited
from 63.16% to 70%, with a commensurate reduction in holding of the
existing Institutional Division employees. Alpha FX Limited has
agreed that as part of increasing its shareholding, it shall set
aside a maximum of 10% of the issued shares in Alpha FX
Institutional Limited to attract, incentivise and reward employees
in the future. As new employees join or existing ones deliver
standout performances, it is anticipated that the holding of Alpha
FX Limited will reduce over time.
Enquiries:
Alpha FX Group via Alma PR
Morgan Tillbrook, Founder and CEO
Tim Kidd, CFO
Henry Lisney, COO
Liberum Capital Limited (Nominated Adviser and Sole Broker) Tel:
+44 (0) 20 3100 2000
Neil Patel
Richard Bootle
Kane Collings
Alma PR (Financial Public Relations) Tel: 07780 901979
Josh Royston
Helena Bogle
Rebecca Sanders - Hewett
Market Abuse Regulation
This announcement is released by Alpha FX Group plc and contains
inside information for the purposes of the Market Abuse Regulation
(EU) 596/2014 ("MAR") and is disclosed in accordance with the
Company's obligations under Article 17 of MAR. The person who
arranged for the release of this announcement on behalf of Alpha FX
Group plc was Henry Lisney, Chief Operating Officer.
Notes to Editors
Alpha is a foreign exchange and payments specialist focused on
helping organisations manage their currency exposures more
effectively. The Group's primary client base consists of corporates
and institutions that have a requirement to convert currency for a
commercial purpose, such as buying or selling goods and services
overseas, repatriating profits, or expatriating payroll. Since it
was incorporated in 2010, Alpha FX has been able to build and
retain a high-quality client base that includes a number of highly
respected household brands.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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