A newly London Stock Exchange listed company has just announced its intention to enter the foreign exchange market. The firm, named Boston International Holdings, was founded by industry veteran William Borden James and is aiming to acquire a payments processor or an over-the-counter (OTC) brokerage firm. He has formally resigned from the position of Director of Boston Merchant Financial LTD (BMFN).
Commenting to Finance Magnates exclusively, the Founder of Boston International Holdings stated: “We believe that there is a need for some consolidation in the industry and there are enough mid-tier players that would benefit from being public. Access to capital markets would facilitate the goals of Boston International Holdings.”
“We are beginning to look on the market for payment processors as well as over-the-counter FX brokers. We’ve done small fundraising to get listed with the second round being contingent on the company finding a deal worthy of investing,” he elaborated.
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Aside from the company’s founder, Boston International Holdings also lists Norman Connell and Richard Hartheimer as Non-Executive Directors. The prospectus sheds light onto the full ownership:
So far the firm has not been committed to any deals and is only looking to begin considerations after the conclusion of the successful listing of the company yesterday. According to the company’s prospectus, the majority owner of BMFN, Paul Belogour, is also a significant shareholder in the company.
The firm has not committed to a specific target value for the prospective acquisition, but is looking to acquire whole voting control. That said, the directors of the firm could also consider acquiring a controlling interest constituting less than the whole voting control or less than the entire equity interest of the target company.
According to the company’s statement on the first day of trading: “Boston International Holdings will seek re-admission of the enlarged group following the acquisition through a reverse takeover to trading on the London Stock Exchange or admission to another stock exchange.”