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CAB Payments confirms intention to list on the London Stock Exchange

Source: CAB Payments

Following the announcement by the Company on 8 June 2023 regarding its expected intention to float, the Company today confirms its intention to proceed with an initial public offering (the “IPO” or the “Offer”) and confirms certain details of the Offer.

The Company intends to apply for admission of its Ordinary Shares to the premium listing segment of the Official List of the Financial Conduct Authority (“FCA”) and to trading on the main market for listed securities of London Stock Exchange plc (the “LSE”) (together, “Admission”).

The final offer price in respect of the Offer (the “Offer Price”) will be determined following a book-building process, with Admission currently expected to occur in July 2023.

Ann Cairns, Chair of CAB Payments, said:
“Following significant interest in CAB Payments, the Board is delighted to confirm the management team’s intention to float on the London Stock Exchange via a premium listing. Bringing CAB Payments to the public market underscores our confidence in the business and its value generation potential, as well as our confidence in the UK as the home for innovative and growing global businesses, and cements CAB Payments as a preferred payments and forex partner for blue-chip companies transacting in emerging markets. We have been pleased with the investor engagement so far and look forward to further discussing our value proposition with investors, based on our strong track record of profitable and cash generative growth that was built on the foundation of a well-invested technology platform, a compliance-first culture and robust governance frameworks, and a business model that delivers real economic development benefits to emerging markets.”

Confirmation of Offer details:
• The intention is for the Company’s Ordinary Shares to be admitted to the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of the LSE.
• The Offer will comprise a secondary sell-down of existing ordinary shares by Merlin Midco Limited (a wholly owned subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P.) and certain other existing shareholders. There will be no primary element to the Offer.
• It is expected that Ordinary Shares representing up to a further 15 per cent of the Offer would be made available pursuant to an over-allotment option.
• The Company is expected to agree that, subject to certain exceptions, during the period of 180 days from the date of Admission, it will not, without the prior written consent of the Joint Global Co-ordinators, issue, offer, sell or contract to sell, or otherwise dispose of, directly or indirectly, or announce an offer of any Ordinary Shares (or any interest therein or in respect thereof) or enter into any transaction with the same economic effect as any of the foregoing.
• The Offer would be a targeted offering to institutional investors outside the United States pursuant to Regulation S and to QIBs (defined below) in the United States pursuant to Rule 144A under the United States Securities Act of 1933 (the “Securities Act”) or another exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
• The Offer is also expected to include an intermediaries offer in the United Kingdom, under which the Ordinary Shares would be offered to intermediaries that will facilitate the participation of certain retail investors in the United Kingdom through the REX platform.
• Any additional details in relation to the Offer will be disclosed in the Prospectus.
• In the future, the Company expects that it would be eligible for inclusion in the FTSE UK indices.
• The Company has engaged Barclays Bank PLC, acting through its Investment Bank (“Barclays”) as Joint Global Co-ordinator and Joint Bookrunner, J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove (“J.P. Morgan”) as Sole Sponsor, Joint Global Co-ordinator and Joint Bookrunner, and Canaccord Genuity Limited (“Canaccord Genuity”), Liberum Capital Limited (“Liberum”) and Peel Hunt LLP (“Peel Hunt”) to act as Joint Bookrunner in the event the Offer proceeds. STJ Advisors Group Limited (“STJ”) is acting as Financial Adviser to the Company.

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