Wameja Limited HomeSend Capital Contribution (6308S)

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RNS Number : 6308S

Wameja Limited

18 March 2021

Wamjea Limited ("Wameja")

HomeSend Capital Contribution and changes to HomeSend Loan Facilities

18 March 2021

Wameja (LSE: WJA.L & ASX: WJA.AX), a joint venture partner with Mastercard in the HomeSend global payment hub, advises that it has today subscribed for a further EUR1,784,118 of shares in HomeSend SCRL. The equity contribution is part of a EUR6,000,000 capital raise with Mastercard agreeing to contribute an additional EUR1,000,000 over and above its proportionate interest in HomeSend SCRL. The funds from the capital raise are to be used to support the operational expenses of the HomeSend 2021 business plan and its minimum equity requirements into H2 2021.

On completion of this capital raise by HomeSend SCRL, Wameja will have an interest in the HomeSend JV of 35.26 % (a small reduction from its original interest of 35.68%) and will maintain the same rights and entitlements under the HomeSend JV, save for the reduced ownership.

The HomeSend 2021 Business Plan anticipates an additional EUR4M in capital to be required by HomeSend in H2 2021.

Mastercard Facility

Since August 2020 Mastercard has provided a EUR25,000,000 loan facility to HomeSend to fund the pre-payment timing gaps in HomeSend's real time settlement model ("Mastercard Facility"). Further to the announcement of 17 December 2020, Wameja advises that the Mastercard Facility has been extended to 31 May 2021 and the facility limit increased by EUR15,000,000 to a total of EUR40,000,000. The increase is needed to support the increase in gross value flows across the HomeSend network.

There have been no other changes to the terms and conditions of the Mastercard Facility.

KBC Bank Facility

Since 2017, Wameja has guaranteed 35.68% of a EUR5,000,000 loan facility provided by NV KBC Bank to HomeSend SCRL ("KBC Bank Facility"). In February 2021, Mastercard agreed to guarantee the whole of the KBC Bank Facility and Wameja has been released from its guarantee of the KBC Bank Facility.

Authorised by:

Tom Rowe

Company Secretary

[e-mail]

For further information, please contact:

 
 Wameja Limited                                       www.wameja.com 
 John Conoley, Non-Executive Chairman                 [e-mail] 
  Tom Rowe, Company Secretary 
 finnCap Limited (Nomad and Broker)                   www.finnCap.com 
  Corporate Finance: Jonny Franklin-Adams /            T: [phone] 
  Charlie Beeson                                       0500 
  Corporate Broking: Tim Redfern / Richard Chambers 
 

About Wameja

Wameja and Mastercard are joint venture partners of the HomeSend global payment hub. HomeSend enables cross-border transfer between bank accounts, cards, mobile wallets, or cash outlets from anywhere in the world. As a founding partner in the HomeSend hub, Wameja helped conceive and bring the opportunity to market.

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March 18, 2021 03:00 ET (07:00 GMT)