Share Ownership Schemes
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.
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.
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
Alma PR (Financial Public Relations) Tel: 07780 901979
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.
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