 saw shares sink over 10 percent on Friday, after it confirmed it was negotiating the acquisition of a payments business.){kind=link}
Foreign exchange service FairFX (LON:FFX) saw shares sink over 10 percent on Friday, after it confirmed it was negotiating the acquisition of a payments business.
The group commented on the recent price movements of its shares, which have risen 30 percent over the past six weeks. Noting the movements, it confirmed that “it is in advanced negotiations in respect of a substantial acquisition of a payment services business”.
“The Possible Acquisition, should it proceed, would be financed through an equity placing and open offer with existing shareholders to raise approximately £25 million through the issue of new ordinary shares in the Company at a price of around 58p per share”, it said.
“It is expected that the consideration payable for the Possible Acquisition, should it proceed would be approximately £15 million, the majority of which is expected to be satisfied in cash.”
FairFX provides international payment solutions through their pre-paid currency cards, as well as travel cash and international transfers. Shares in FairFX are currently trading down 9.60 percent at 67.80 (0944GMT).