MoneySwap Plc Update on refinancing (0139S)

TIDMSWAP

RNS Number : 0139S

MoneySwap Plc

16 December 2016

16 December 2016

MoneySwap plc

("MoneySwap" or the "Company")

Update on refinancing

MoneySwap today announces an update on its proposed refinancing activities. Since the Company's last update on October 18th 2016, discussions have continued with Hunan Commodities Trading Centre Company Limited ("HNCX"), the proposed new investor in MoneySwap, with a view to completing an issue of new shares which, if effected, would give HNCX an equity holding in excess of 51% of the enlarged share capital of MoneySwap. Having regard to the time being taken to complete this proposed subscription, MoneySwap has also entered into additional discussions with other third parties, as well as with existing shareholders and holders of convertible loan notes, with a view to completing an issue of new ordinary shares in the Company which would similarly lead to a new third party acquiring a holding substantially in excess of 51% of the thereby enlarged share capital. All these discussions continue and the Board will update shareholders of progress in due course.

- Ends-

For further information, please contact:

 
 MoneySwap Plc             Allenby Capital Limited 
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 Interim Chief Executive   Nominated Adviser 
------------------------  ------------------------ 
 Craig Niven               Nick Naylor 
                            James Reeve 
------------------------  ------------------------ 
 [phone]           [phone] 
------------------------  ------------------------ 
 

About MoneySwap (www.moneyswap.com)

MoneySwap provides payment solutions and gateways to merchants, which allow both online and point of sale transactions to be settled using UnionPay cards in the UK. In addition, UnionPay has licensed MoneySwap for its MoneyExpress service, which enables overseas persons to send funds directly to UnionPay cardholders in China. The Company also offers an online peer-to-peer platform for currency exchange and payments. The Company's shares are traded on the London Stock Exchange's AIM market (AIM: SWAP). More information can be found at www.moneyswap.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 16, 2016 02:00 ET (07:00 GMT)