Equals is reviewing strategic options, including potential offers from Fleetcor and Madison Dearborn.
The fintech firm also gained court approval for a capital reduction, paving the way for its first dividend.
The shares
of fintech company Equals Group, which specializes in payments for enterprises
and SMEs, surged more than 11% on Wednesday, reaching their highest levels
since September. The company is not only considering strategic options that
could include a buyout but has also gained court approval for a capital
reduction. These developments could significantly impact the Equals' future and
its shareholders.
Equals Group's Strategic
Review in the Wake of Market Speculation
The Board
of Equals Group plc has acknowledged recent market rumors and confirmed that it
is conducting a strategic review. As part of this process, the company has contacted
a select group of potential partners, including Fleetcor Europe Limited and
Madison Dearborn Partners, LLC.
The aim is
to evaluate whether these entities can offer greater value to shareholders than
if Equals operates as an independent company.
"The
Board remains confident in the long-term prospects of the business and believes
that the company is well positioned to create significant value for
shareholders as an independent company. Current trading remains in line with
the Board's expectations," Equals commented in the official filing.
Capital Reduction and
Dividend Plans
In addition
to the strategic review, Equals Group plc has received court approval for a
capital reduction. This move has resulted in distributable reserves of
approximately £25 million.
Consequently,
the Board plans to declare an inaugural interim dividend of 0.5 pence per
share. Subject to shareholder approval, the company expects to offer a total
dividend of 1.5 pence per share for the full year of 2023.
10% Share Jump
In response
to the latest news, Equals (LSE: EQLS) shares jumped over 11% during
Wednesday's trading session, testing the highest levels since the end of
September.
At the time
of writing, the shares were priced at 114 pence per share, marking the most substantial one-day increase since at least July 2022.
In
September, the company unveiled its interim results for the first half of 2023,
revealing a surge in revenue and a record-setting Adjusted EBITDA. The net
profit for the period reached £4.8 million, a significant jump from the £0.8
million recorded in the corresponding period for last year. Earnings per share also saw a notable increase, standing at 2.64 pence, compared to 0.38
pence in the second half of 2022.
What's Next For Equals?
While the
strategic review is underway, there is no guarantee that significant changes for the company are not guaranteed. Both Fleetcor Europe and Madison Dearborn
Partners have until 29 November to announce their intention to make an
offer or decline it.
For now,
shareholders are advised to take no action. As a result of these developments,
an "offer period" has commenced for Equals in following the
Takeover Code. The next steps in both the strategic review and the dividend
plans will be announced in due course.
Therefore,
the coming weeks could be crucial for Equals Group plc and its shareholders.
Whether the company proceeds independently or becomes part of a larger entity,
these developments will have a lasting impact.
The shares
of fintech company Equals Group, which specializes in payments for enterprises
and SMEs, surged more than 11% on Wednesday, reaching their highest levels
since September. The company is not only considering strategic options that
could include a buyout but has also gained court approval for a capital
reduction. These developments could significantly impact the Equals' future and
its shareholders.
Equals Group's Strategic
Review in the Wake of Market Speculation
The Board
of Equals Group plc has acknowledged recent market rumors and confirmed that it
is conducting a strategic review. As part of this process, the company has contacted
a select group of potential partners, including Fleetcor Europe Limited and
Madison Dearborn Partners, LLC.
The aim is
to evaluate whether these entities can offer greater value to shareholders than
if Equals operates as an independent company.
"The
Board remains confident in the long-term prospects of the business and believes
that the company is well positioned to create significant value for
shareholders as an independent company. Current trading remains in line with
the Board's expectations," Equals commented in the official filing.
Capital Reduction and
Dividend Plans
In addition
to the strategic review, Equals Group plc has received court approval for a
capital reduction. This move has resulted in distributable reserves of
approximately £25 million.
Consequently,
the Board plans to declare an inaugural interim dividend of 0.5 pence per
share. Subject to shareholder approval, the company expects to offer a total
dividend of 1.5 pence per share for the full year of 2023.
10% Share Jump
In response
to the latest news, Equals (LSE: EQLS) shares jumped over 11% during
Wednesday's trading session, testing the highest levels since the end of
September.
At the time
of writing, the shares were priced at 114 pence per share, marking the most substantial one-day increase since at least July 2022.
In
September, the company unveiled its interim results for the first half of 2023,
revealing a surge in revenue and a record-setting Adjusted EBITDA. The net
profit for the period reached £4.8 million, a significant jump from the £0.8
million recorded in the corresponding period for last year. Earnings per share also saw a notable increase, standing at 2.64 pence, compared to 0.38
pence in the second half of 2022.
What's Next For Equals?
While the
strategic review is underway, there is no guarantee that significant changes for the company are not guaranteed. Both Fleetcor Europe and Madison Dearborn
Partners have until 29 November to announce their intention to make an
offer or decline it.
For now,
shareholders are advised to take no action. As a result of these developments,
an "offer period" has commenced for Equals in following the
Takeover Code. The next steps in both the strategic review and the dividend
plans will be announced in due course.
Therefore,
the coming weeks could be crucial for Equals Group plc and its shareholders.
Whether the company proceeds independently or becomes part of a larger entity,
these developments will have a lasting impact.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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See you there!
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Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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