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RNS Number : 4289O

LightwaveRF PLC

07 November 2016

 

7 November 2016

LightwaveRF plc

(AIM: LWRF)

 

Additional order from Megaman

 

LightwaveRF plc ("LightwaveRF" or the "Company") is the Internet of Things ("IOT") provider of the LightwaveRF platform and connected devices enabling domestic and commercial users to remotely monitor and control light, heat, power and security by smartphone, tablet or PC. The Company is pleased to announce that it has received an additional order of £240,000 from Megaman, its UK electrical wholesale partner.

 

Together with other orders received in the period the total company order book now stands at over £1 million.

 

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

 

 

For further information:

             

Contacts:
LightwaveRF plc	www.lightwaveRF.com
Mike Lord, CEO Kevin Edwards, CFO	+44 (0)  121 250 3625
WH Ireland Limited	www.whirelandcb.com
Mike Coe/Ed Allsopp (Corporate Finance)	+44 (0) 117 945 3470
Jasper Berry (Institutional Sales)	+44 (0) 20 7220 1666

 

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RNS Number : 0833O

Obtala Limited

02 November 2016

 

02 Nov 2016

Obtala Limited

("Obtala", the "Group" or the "Company")

(AIM: OBT)

 

 

Social Stock Exchange – Year Two Admission

 

 

Obtala Limited, the African focused agricultural and forestry company, is pleased to announce that following the successful review of their year two Impact Report, Obtala has been approved by the Admissions Panel as an ongoing member of the Social Stock Exchange (SSX).

 

The submission of the year two Impact Report is part of the ongoing admissions obligations of membership of the SSX.  The Admissions Panel is independent and is made up of finance and social sector experts who provide the necessary trust, authority and oversight.  Membership of the SSX continues to allow us to be part of a leadership group of businesses dedicated to social and environmental change, while allowing increased visibility through a unique capital markets platform and enhanced access to a growing community of investors aligned with the company's vision.  The SSX also provides a unique framework for disclosing both financial and impact performance and a transparent and highly regulated secondary market.

 

 

Chairman Miles Pelham commented, "Obtala takes its commitment to sustainability seriously, and as such we are delighted this has been recognised and we retain our membership of the SSX.

 

As we further develop our African operations we acknowledge that our opportunity to create positive social impact within the communities in which we operate will bring with it additional responsibilities, which we will embrace in line with our mission to deliver returns in a sustainable and ethical manner to the benefit of all stakeholders.

 

 

 

Obtala Resources Miles Pelham – Chairman Paul Dolan – CEO www.obtala.com	+44 (0)20 7099 1940
Brandon Hill Capital  (Broker)      Jonathan Evans	+44 (0)20 3463 5000

 

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RNS Number : 4343N

Surgical Innovations Group PLC

26 October 2016

 

 

26   October 2016

Surgical Innovations Group plc 

(the "Company")

 

CE Certification for YelloPort Elite®

 

Surgical Innovations Group plc (AIM: SUN), the designer and manufacturer of innovative medical technology for minimally invasive surgery, announces that its new laparoscopic port access system, YelloPort Elite®, has attained CE certification.

 

Designed to address the continuing need for high quality cost effective solutions within laparoscopic surgery, YelloPort Elite® utilises Resposable® technology to meet these clinical needs.

 

The key advantage of the YelloPort Elite® is its Universal Seal, which allows for seamless introduction of 5mm to 12mm instruments during the surgical procedure.

 

Clinical evaluations have produced excellent results and the Company is delighted with the feedback from both surgeons and hospital personnel.

 

Melanie Ross, Group FD & MD of Surgical Innovations Limited, commented: "We are extremely pleased to have attained CE certification for our YelloPort Elite® range which strengthens our portfolio. The certification means that we have a next generation port access system, which we believe will make a difference to surgeons and we look forward to launching the product in the UK within the coming month, before branching out into Europe shortly afterwards."

 

 

 

Surgical Innovations Group Plc	www.sigroupplc.com
Nigel Rogers, Executive Chairman	Tel: 0113 230 7597
Melanie Ross, Group FD & MD, SI Ltd
WH Ireland Limited (NOMAD & Broker)	Tel: 0113 394 6600
Tim Feather
Walbrook PR (Financial PR & Investor Relations)	Tel: 020 7933 8780 or si@walbrookpr.com
Paul McManus	Mob: 07980 541 893
Natalie Bruce	Mob: 07884 666 994

 

 

 

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RNS Number : 5441N

Obtala Limited

26 October 2016

 

26 Oct 2016

Obtala Limited

("Obtala", the "Group" or the "Company")

(AIM: OBT)

 

 

Forestry Update – Award of CPI

 

Highlights

·     Forestry subsidiary awarded Centro De Promocao de Investments (Investment Promotion Centre – CPI) status within Mozambique, conditional on $3 million phased investment plan

·     Exemption from VAT and customs duties chargeable on goods/machinery needed for production expansion for a five year period

·     IRPC (Corporation Tax) offsets for 5 fiscal years of up to 10% inward investment with further available allowances in those fiscal years relating to local training costs, public use building construction and cultural heritage protection

·     Freedom for repatriation of profits outside of Mozambique

·     Equitable compensation rights against assets being expropriated and arbitration through World Bank's International Centre for Settlement of Investment Disputes and/or ICC.

 

 

Obtala Limited, the African focused agricultural and forestry company, is pleased to announce that its forestry subsidiary, Argento Mozambique Lda ("Argento"), has been awarded CPI status by the Mozambican authorities entitling it to various tax benefits and protections in return for inward investment from the Company's subsidiary Argento Continental Corporation.

 

CPI is a government institution with a mandate to attract and facilitate the establishment of private domestic and foreign direct investment in Mozambique.  Companies operating under CPI status also have the advantage of non-tax benefits including insurance services specifically to offset investment risk, VAT exemption on domestic acquisitions, and importantly, legal protections and compensation against expropriation with international bodies.

 

In order to satisfy qualification for CPI status Argento is required, amongst other things, to implement a phased investment plan of $3m over a 5 year period.  If this investment were not made, CPI status would be revoked rather than this amount constituting a debt. 

 

This award covers all operations within Mozambique and allows Argento to apply for Industrial Free Zone (IFZ) status with Mozambique's Office for Accelerated Development Economic Areas (Gazeda).  Gazeda established a duty free zone located in the district of Nacala, Nampula province in 2007 which services the export of our timber to international markets via Nacala Port.  Achieving IFZ status in Nacala would lead to further enhanced tax incentives.

 

The Company is in continued talks with investors regarding inward investment via the previously announced Argento Preference Share.  Investor due diligence trips are scheduled to our African operations in November with regard to this matter. 

 

Miles Pelham, Chairman of Obtala commented "The award of CPI status by the Mozambican authorities is a highly significant and welcome development as we seek to bolster our production capabilities within the country.  We anticipate that the forestry division will drive revenue expansion and as such CPI tax benefits should have material future impact on our bottom line.  The exemption from VAT will reduce the level of Capex required to bring our Forestry assets into full production.

 

This award underlines our already strong commitment to Mozambique.  As well as providing inward investment we anticipate that our activities will have significant positive social impact through job creation, training and upskilling of local labour and a sustainable approach to forestry operations."

 

 

More details on the Special Economic Zones and their benefits can be found on the Gazeda website at:

http://www.gazeda.gov.mz/m/index.php?option=com_content&view=article&id=127&Itemid=144&lang=en&limitstart=1

 

 

 

Obtala Resources Miles Pelham – Chairman Paul Dolan – CEO www.obtala.com	+44 (0)20 7099 1940
ZAI Corporate Finance Limited (Nomad)                 Ray Zimmerman/ Peter Trevelyan-Clark / John Treacy	+44 (0)20 7060 2220
Brandon Hill Capital  (Broker)      Jonathan Evans	+44 (0)20 3463 5000

 

 

This announcement contains information that qualified or may have qualified as inside information for the purposes of article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

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RNS Number : 9939M

Challenger Acquisitions Limited

20 October 2016

 

 

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

 

For Immediate Release

                                                                                                                                  20 October 2016

Challenger Acquisitions Limited

("Challenger" or the "Company")

 

 New York Wheel Construction Update

 

Challenger Acquisitions Limited (LSE: CHAL), a leader in the Giant Observation Wheel industry, is pleased to provide an update on construction of the New York Wheel Project ("NYW Project"), a large entertainment complex currently being built on the New York Harbour, which will feature a 630ft Giant Observation Wheel ("GOW"), a 68,000 sq ft terminal and retail building, a 950 space parking garage and a 5,000-person capacity green roof for events. Challenger has made an investment of US$3 million representing a ~2% equity stake in the NYW Project. 

 

Approximately US$300 million has been spent on the NYW Project to date, with major developments so far including:

·     The foundation for the GOW pad is now complete (8,000 cubic yards of concrete and 1,800 tons of structural steel). The four leg pedestals (totaling 90 tonnes apiece) have been fabricated and are enroute for installation from Montreal.

·     The majority of the parking garage is now operational (825 of the 950 spaces). It is operating under a Temporary Certificate of Occupancy whilst the Mechanical Electrical Plumbing work is being completed to open the entire facility on a permanent basis in December.

·     A 465ft crane has arrived at the Brooklyn prep site to start the erection process for some of the main components for the GOW.  It will be assembled on site in November.

·     The foundation for the terminal building is now mostly complete with steel erection well underway for the structure.  It will be structurally complete in December.

·     The legs for the wheel have arrived in the South Brooklyn Marine Terminal. Each of the four legs weighs 550 tonnes, measuring 18 feet wide and 275 feet tall (please see the photographs on the following link: http://www.rns-pdf.londonstockexchange.com/rns/9939M_-2016-10-19.pdf)  They will be deployed to the site and erected onto the pedestals in December.

·     Manufacturing continues on the other major components such as the rim, cables, spindle, drive towers, capsules, electrical and control cabinets, etc.

 

Construction commenced in May 2015 with a total cost now estimated at US$590 million.  The grand opening is April 2018 with an estimated 3.5 million annual visitors expected. The 630ft observation wheel, which will be 50% larger than the London Eye once constructed, will provide passengers with a panoramic view of major landmark sites, including the New York Harbour, the Statue of Liberty, the Verrazano Bridge, Staten Island and the Lower Manhattan skyline.

 

For more information see www.newyorkwheel.com, which includes a live webcam of the construction site.

 

Mark Gustafson, the Company's Chief Executive Officer said: "The NYW Project continues to make fantastic progress in advancing towards its commercial opening.  As the only public company with an equity stake in this US$590 million project we have secured what we believe to be a unique and extremely prospective investment opportunity for our shareholders.   Following a recent tour of the New York Wheel site we can see that the changes on the ground are substantial and the vast scale of the project is becoming very apparent.  The four legs, on which the largest GOW in the world will sit, have now been delivered and the next delivery will be the pedestals for the legs.  Now that the above ground additions are underway, including the terminal building and the wheel itself, the next 18 months will be very exciting as we progress towards the grand opening targeted for April 2018."

 

This announcement contains inside information.

 

**ENDS**

 

For more information visit www.challengeracquisitions.com or enquire to:

 

Challenger Acquisitions Limited
Mark Gustafson	+1 604 454 8677
St Brides Partners Ltd (PR)
Lottie Brocklehurst, Charlotte Page	+44 (0) 20 7236 1177
finnCap (Financial Adviser and Broker)
Adrian Hargrave, James Thompson, Kate Bannatyne	+44 (0) 20 7220 0500

 

Notes to Editors:

Challenger (LSE: CHAL) is focused on the design, engineering, project management and investment in select giant observation wheels.  By combining its world-class team of technical engineering and project management skills with proven international financial expertise, the Company is ideally positioned to become a leader in the giant observation wheel sector. 

 

The Company, which also has a US$3 million equity interest in the US$590 million New York Wheel Project, is currently focusing on appraising approximately 25 opportunities in its project pipeline where it believes that it can utilise its expertise.  With a team that has worked on four of the largest giant observation wheels constructed over the last 16 years, including the iconic London Eye, the Company is building on its unique position to deliver projects and generate shareholder value.

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RNS Number : 9964M

Water Intelligence PLC

20 October 2016

 

 

Water Intelligence plc

("Water Intelligence")

Partnership with University of Chicago Institute for Molecular Engineering

 

The Board of Water Intelligence, a leading provider of non-invasive leak detection and remediation solutions, is pleased to announce a partnership as an industrial affiliate of the Institute for Molecular Engineering at the University of Chicago (IME).  Water Intelligence and IME plan to collaborate on the commercialization of technology for potable and non-potable water applications.

 

Dr. Patrick DeSouza, Executive Chairman of Water Intelligence plc commented:

"We are delighted to collaborate with IME and admire its global reach.  We look forward to commercializing IME technologies to provide non-invasive solutions to problems of water loss from leakage and problems emerging from the increase in "gray" water because of our decaying infrastructure.  Customers for our American Leak Detection (potable water) and NRW Utilities (non-potable water) brands will welcome IME's innovation."

Dr. Matthew Tirrell, Dean and Founding Pritzker Director of the Institute for Molecular Engineering commented: 

"The opportunity to cooperate with Water Intelligence plc gives the Institute for Molecular Engineering a great avenue to bring laboratory developments into the realm of applied water technologies. We look forward to this partnership bringing value both to our students and to society."
 

 

Information on IME

The Institute for Molecular Engineering, established in 2011 by the University of Chicago in partnership with Argonne National Laboratory, is a transformational academic unit exploring the intersection of science and engineering.  IME has a core focus on water resources and has a partnership with Ben-Gurion University in Israel to promote global water solutions.  IME is a founding partner of CURRENT, a part of World Business Chicago, which serves as a platform for the Chicago region's water industry to leverage its strengths for greater economic impact.

 

Information on Water Intelligence plc

Water Intelligence plc is a company is listed on the London Stock Exchange.  It has two wholly-owned subsidiaries that provide minimally invasive water and infrastructure solutions using infrared and acoustic technologies for the residential, commercial and municipal markets.  WI's core American Leak Detection business operates in 42 states of the US with 6 locations in Australia and 3 locations in Canada.  WI's NRW Utilities business operates largely in the UK and provides asset survey and sewer and wastewater solutions to municipalities.  Its experienced team has deployed municipal solutions in various parts of the world and works in collaboration with American Leak Detection.

 

 

 Enquiries:  

Water Intelligence plc     Patrick DeSouza (Executive Chairman)           Tel: +1 203 654 5426

 

finnCap Ltd                      Adrian Hargrave / Giles Rolls, corporate finance

   Stephen Norcross, corporate broking               Tel: +44 (0) 207 220 0500

 

 

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RNS Number : 4993M

EU Supply PLC

14 October 2016

 

 

14 October 2016

EU Supply plc

("EU Supply", the "Company" or the "Group")

 

Contract win

 

EU Supply (LSE AIM: EUSP), the e-procurement software provider, is pleased to announce that the Company has signed an addendum (the "Addendum") to the agreement with the Minister for Public Expenditure and Reform in Ireland to develop certain enhancements to the Irish Government's national eProcurement platform, www.eTenders.gov.ie, which is powered by the Company's CTM™ platform and in use by over 2,500 public sector bodies in Ireland. As announced on 13 September 2016, the Minister for Public Expenditure and Reform recently executed its option to extend the existing agreement between the parties until May 2020.

 

The Addendum is on a time and materials basis and EU Supply expects it to generate revenues, in aggregate, of approximately €450,000, with up to €50,000 being generated in 2016 and the remainder in 2017.

 

While the signing of this Addendum underpins the Board's confidence in the forecasted revenue growth in 2017, for the year ending 31 December 2016 the continued weakening of sterling (versus mainly Swedish Krona and the Euro) is expected to increase the Company's reported revenues (as well as reported costs) ahead of consensus forecasts resulting in an overall loss marginally higher than the bottom of the range of consensus forecasts. However, based on the Company's current pipeline of opportunities, including several enhancement projects under discussion, and its order book, the Board still anticipates that the Group will reach operating profit on a monthly run rate basis in the last quarter of 2016.

 

FURTHER ENQUIRIES

EU Supply PLC Tel: 020 7127 4545 Thomas Beergrehn, CEO   Mattias Ström, CFO       Stockdale Securities Tel: 020 7601 6100 Tom Griffiths, David Coaten

 

A copy of this announcement is available at www.eu-supply.com.

 

Notes to Editors

EU Supply is the UK holding company of the EU Supply Group, a Sweden-based e-commerce business, which has an established, market-leading, multilingual e-procurement platform for esourcing, e-tendering and contract management, tailored for the highly regulated European public sector market.

Since 2006, the Group has invested heavily in employing specialist programmers to add functionality, legal compliance as required and security features to its Complete Tender Management™ ("CTM™") platform to ensure that the Group is ideally placed to secure new contracts with EU Member States and their Contracting Authorities. The platform is available in 16 different languages.

The Directors believe that the Group's CTM™ platform is one of the easiest to use and most functionally advanced solutions available in the market. The CTM™ platform is used by over 7,000 European public sector bodies in 9 EU/EEC Member States and has National Procurement System status in four Member States (the UK, Ireland, Norway and Lithuania).

The Company's shares were admitted to trading on AIM in November 2013. In August and September 2015, the Company raised a total of £2.061m (before expenses) through a placing of new shares and the issue of first and second tranches of Convertible Loan Notes to institutional and other investors.

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RNS Number : 4042M

APC Technology Group PLC

13 October 2016

 

13 October 2016

APC TECHNOLOGY GROUP PLC

("APC", the "Company" or the "Group")

 

Sale of Water Hygiene & Treatment Division

 

The Board of APC (the "Board") is pleased to announce that it has agreed the sale of its water hygiene and treatment division to Integrated Water Services Ltd ("IWS"), a subsidiary of South Staffordshire Plc. The division has been sold for a total consideration of £1.8m: £0.8m in cash consideration payable to APC, and £1m in respect of the settlement of amounts outstanding under the invoice finance facility provided by ABN Commercial Finance. In addition the transaction has allowed APC to dispose of £0.65m of future liabilities under operating leases, halve the Company's headcount and significantly reduce fixed costs.

 

This disposal follows a review by the Board to focus efforts on the growth of its high reliability electronic components, Smartwave Internet of Things ("IoT") products, and energy efficient lighting distribution businesses.

 

The Board believes that these businesses align much more closely, both operationally and in terms of future strategy, and that they provide a sustainable base for the future development of the Group.

 

Each one of these businesses have established products that exist in markets with significant growth opportunities and this disposal, along with other recent restructuring and financing initiatives, will help the Group to take full advantage of them.

 

The proceeds of the disposal will be used to strengthen the balance sheet and support working capital.

 

The business sold relates to the shares of Green Compliance Water Division Ltd which deals with water hygiene and treatment.  In the 17 months to 31 August 2015 the business being sold had audited revenues of £11.3m, made a loss before tax of £2.1m and had net assets at 31 August 2015 of £0.4m.

 

Richard Hodgson, Chief Executive of APC, commented:

 

"'We are very pleased to have reached agreement with IWS in relation to the disposal of our water hygiene and treatment division and believe that they offer a great home for the water staff and customers to thrive as part of a much larger business within the water industry.

 

With the restructuring of APC during the past 12 months, the fund raisings that we completed in February and August and now this disposal, APC is entering our fiscal year 2017 as a very focused operator in the high reliability electronic components, Smartwave Internet of Things products, and energy efficient lighting distribution businesses. This deal has also allowed us to significantly reduce our fixed costs.

 

We are committed to building an outstanding technical sales, marketing and distribution company for the incredible technologies that we represent in these growth markets now and in the future.

 

We look forward to the coming year as one where we can consolidate and grow our operations in these sectors." 

 

Enquiries
APC Technology Group PLC	+44 (0) 330 313 3220
Richard Hodgson, Chief Executive	www.apc-plc.co.uk
Art Russell, Chief Financial Officer
BDO LLP (Financial Adviser to APC)	+44 (0) 121 352 6200
Satvir Bungar
Stockdale Securities Limited (Nominated Adviser and Broker)	+44 (0)20 7601 6100
Mark Brown / Antonio Bossi / Edward Thomas
Redleaf Communications (Financial PR)	+44 (0)20 7382 4730
Rebecca Sanders-Hewett / David Ison / Susie Hudson

 

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RNS Number : 4017M

Crimson Tide PLC

13 October 2016

 

Crimson Tide PLC

("Crimson Tide" or the 'Company')

Significant long term contract win with large UK retailer

 

Crimson Tide ﴾TIDE﴿, the AIM‐quoted provider of mpro5 ‐ Smart Mobility as a Service, has signed its most significant long term contract with a large UK retailer. Its mpro5 service will be used to ensure store safety, cleanliness and security.  This deployment follows a successfully executed pilot.

 

The contract value is worth over £1.7m of additional revenue over an initial term of 48 months, the largest gross revenue contract in the Company's history.

 

This extended roll out involves implementing the mobility platform to almost 500 stores to enable the scheduling of regular cleaning, reactive cleaning and incident capture; as well as providing dynamic audits and bespoke management dashboards. 

 

Barrie Whipp, Executive Chairman of Crimson Tide, said: "This landmark contract is the largest in our history in terms of value and means that mpro5 will be present in nearly 500 more locations throughout the UK. The four-year term represents validation of the partnership we have quickly formed with this well-known retailer. The contract represents another cornerstone of our enterprise level agreement strategy, which now represents a substantial element of our contracted revenues for the coming years

Following this contract win we are accelerating other  expansion plans, both in the UK and overseas. The Directors are extremely pleased with this long term contract, which is the culmination of a great deal of work by our team. We are very excited indeed about the future prospects of the Company and look forward to pushing ahead with further opportunities."

 

For further information:

Crimson Tide plc

 

Barrie Whipp/Steve Goodwin 01892 542 444

 

WH Ireland

James Joyce /James Bavister 020 7220 1666

 

Notes to editors

1.   Founded in 1996 and quoted on AIM since 2006, Crimson Tide plc is the provider of mpro5 ‐ Smart Mobility as a Service (SMaaS). mpro5 is delivered on smartphones, tablets and PDAs, and enables companies to transform their businesses and strengthen their workforces.

2.   Crimson Tide offers a global service, working with some of the world's leading companies, tailoring mpro5 to suit customer needs. Developed over 10 years by its world‐class team, mpro5 is the smart choice for organisations large and small that want to improve productivity and save money.

3.   mpro5 is a platform‐agnostic mobility suite fully hosted on Microsoft Azure, so customers are quickly up and running and the service is scalable and robust. It is provided on subscription, so clients can immediately see a return on their investment.

4.   mpro5 not only helps people improve their day‐to‐day working methods while saving employers money, it also saves lives, by enabling haemophilia patients to verify the safety of their medication before use. mpro5 clients come from a diverse range of industries allowing the Company to listen, share and find the best solution for all mobility needs.

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RNS Number : 2669M

Boston International Holdings PLC

12 October 2016

 

12 October 2016

Boston International Holdings plc

("BIH" or the "Company")

 

Admission to Trading and First Day of Dealings

 

Boston International Holdings plc, a special purpose acquisition company (SPAC) formed to undertake one or more acquisitions of target companies or businesses in the FX sector, is pleased to announce its entire issued ordinary share capital consisting of 29,620,948 Ordinary Shares of £0.01 each will be admitted to the standard segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities (together, the "Admission"). It is expected that the Admission will become effective and that dealings will commence at 8.00 a.m. on 12 October 2016 under the ticker BIH. Since its incorporation, the company has raised gross proceeds of £1,382,476 through subscription by the founder and a private placing which closed shortly prior to listing.

 

Highlights:

 

·      Following Admission, BIH is seeking to acquire companies within the FX sector to capitalise on consolidation opportunities and create shareholder value by driving positive change. The company is looking at targets across the entire FX value chain

·      BIH will seek re-admission of the enlarged group following the acquisition through a reverse takeover to trading on the London Stock Exchange or admission to another stock exchange

·      Once the first successful acquisition is completed (within 18 months) BIH will employ a roll-up acquisition strategy going forward

·      Strong management team with deep experience across FX and FS sectors and sourcing M&A opportunities

·      BIH will implement an operating strategy in the acquired business(es) to generate value for its Shareholders through:

o  Operational improvements

o  Potential complementary acquisitions

o  Re-admission of the enlarged group

·      BIH is looking for a company with the following investment criteria:

o  Recent underperformance relative to capabilities

o  Strong competitive industry position

o  Large potential for growth

o  Strong and experienced management teams

 

The Market

·     Foreign exchange is the world's largest financial market with trading volumes of over $5 trillion per day recorded in April 2016 [1]

·      The UK market is the largest contributor and is responsible for almost 50% of the daily global volume [1]

·      Prime brokered trades accounted for around 17.4% of this total, or $887 billion per day [1]

·      Retail FX volumes account for around 5.5% of this total, or a value of $282 billion per day [1]

 

Use of proceeds:

 

·      Acquiring target business as part of a share consideration

·      Expenses relating to the acquisition (e.g. due diligence, legal and accounting costs)

·      Remaining cash to be used for working capital purposes

 

Borden James, the Company's Chairman, commented: "With global FX market volumes reaching over US$5tn per day, it is the largest financial market globally, yet it is also one of the most fragmented. This, combined with an increasingly complex regulatory environment and lower thresholds for risk across the industry, means that this fragmented market is prime for investment and consolidation.

 

"The knowledge and experience of the Board, in particular in the FX, financial services and legal and compliance sectors, will contribute to the implementation of company strategies in the acquired businesses that enhance shareholder value and generate strong returns for investors.

 

"We are very pleased to have secured investment for the Admission and look forward to executing our stated acquisition strategy for the benefit of our shareholders."

 

[1] The Bank of International Settlements Triennial Central Bank Survey of foreign exchange and OTC derivatives markets in 2016, September 2016

 

Copies of the Prospectus, published by the Company on 7 October 2016 in connection with the Admission, will be available from the Company's registered office at Unit 514, The Metal Box Factory, 30 Guildford Street, London, SE1 0HS and at the National Storage Mechanism website at http://www.morningstar.co.uk/uk/NSM.  The Prospectus, along with further information about the Company, can also be found at www.bihplc.com 

 

ENDS

 

Boston International Holdings (BIH) is a special purpose acquisition company (SPAC) listed on the standard segment of the official list, with shares traded on the main market of the London Stock Exchange. BIH is seeking to acquire a business operating in the foreign exchange (FX) sector. Following the acquisition, BIH intends to seek re-admission of the enlarged group to trading on the London Stock Exchange or admission to another stock exchange.

 

Enquiries:

 

Yellow Jersey PR Limited (Financial PR)

Charles Goodwin / Joe Burgess

Tel: +44 203 735 8918

 

This information is provided by RNS

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