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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Equity Special | LSE:EQS | London | Ordinary Share | GB00B02GPB12 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 237.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
For immediate release: 30 September 2008 Equity Special Situations Limited ("ESS" or the "Company") ACQUISTION OF STRATEGIC STAKE IN PREPAID CARD BUSINESS Equity Special Situations Limited, (AIM: EQS) is pleased to announce that it has entered into an agreement to acquire 41 per cent. of TransSend Holdings Limited ("TransSend"), the prepaid card division of Conister Financial Group plc ("CFG"). As part of the same transaction Altair Financial Services International Plc ("Altair"), a leading player in the global prepaid card market has agreed to purchase 10 per cent. of TransSend with the remaining 49 per cent. to be retained by CFG (the "Transaction"). ESS will issue up to 1,744,680 ordinary shares at 235p per share in consideration for its stake in TransSend, subject to TransSend reaching certain operational milestones within the next 6 months. CFG has agreed to make available to TransSend from completion a £2.3m loan facility to facilitate the growth of the business. This transaction is line with ESS's strategy to invest in financial services businesses and the ESS board believes that in particular there are significant opportunities for growth in the pre-pay sector. Arron Banks, Chief Executive of CFG, said: "The prepaid market is growing rapidly but we believe we can reap significant advantages in combination with our new partners. We have already identified promising synergies to provide potential for an improved market proposition and resultant profitability." Lee Britton, Chief Executive of Altair, said: "We have followed the development of TransSend for some considerable time and are delighted to have made this investment. TransSend's activities in the prepaid space are complementary to our own, and the strong synergies between our existing products and services will invariably benefit both companies. The acquisition allows us to offer TransSend clients Altair's enhanced processing capability to maximise our combined experience in the prepaid industry. "TransSend is currently within a growth phase and has already developed a good reputation within the prepaid industry. The sharing of market intelligence, capacity and combined prepaid card program development and management services infrastructure should deliver numerous opportunities for growth." The Transaction represents a Related Party Transaction in accordance with the AIM Rules due to the Transaction exceeding 5% in one or more of the class tests and CFG being an 18.6% shareholder in the issued ordinary share capital of ESS. Accordingly, the Directors, all being independent from CFG, have consulted with the Company's Nominated Adviser, Evolution Securities Limited, and consider the terms of the transaction to be fair and reasonable insofar as the shareholders of the Company are concerned. - Ends - Further information: Equity Special Situations Ltd Peter Griffin +44 (0)1481 751000 Evolution Securities Limited Jeremy Ellis/Chris Clarke +44 (0)20 7071 4300 GTH Communications Toby Hall/Christian Pickel +44 (0)20 7153 8039 END
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