Alpha FX Group PLC Trading with Key Norwegian Client Recommences (1952H)
05 April 2022 - 4:00PM
UK Regulatory
TIDMAFX
RNS Number : 1952H
Alpha FX Group PLC
05 April 2022
5 April 2022
Alpha FX Group plc
("Alpha FX" or the "Group")
Trading with Key Norwegian Client Recommences
Alpha FX Group plc (AIM: AFX), a high-tech, high-touch provider
of FX risk management, accounts and payments solutions to
corporates and institutions internationally, is pleased to announce
it has recommenced its trading relationship with a key Norwegian
client.
In March 2020, as a result of the impact on the client from the
onset of COVID-19, the Group entered into a settlement agreement
with the client whereby weekly repayments would be required to be
made until June 2022 in respect of their obligations for unpaid
margin. Since this date, the client's financial standing has
continued to strengthen, and they have consistently met all 104 of
their weekly repayment obligations on time. As a result, the gross
balance outstanding as at 1 April 2022 has been reduced to
GBP2.9m.
As a result of the client's strong financial standing and the
consistency with which they have settled and reduced their
outstanding liability, we are now pleased to be recommencing our
trading relationship. Furthermore, as a gesture of goodwill in
re-establishing a trading relationship, we have agreed to allow the
client to spread their remaining weekly repayments, originally
contracted to expire at the end of June 2022, until the end of
December 2022.
The client's financial position is the strongest it has been
since the inception of our relationship, and we have no concerns
regarding their ability to fulfil their obligations under the terms
of the original agreement.
Morgan Tillbrook, Chief Executive Officer commented:
"Having learnt from the experience of having too much
concentration to one client in March 2020, we have instituted
limits on the value of our exposure to any client regardless of the
strength of their credit standing. Additionally, since that
experience, we have added further enhancements to our risk
processes and controls with the aim of further protecting against
such an occurrence in the future. We also continue to provide
investors and stakeholders with improved visibility and assurance,
by publishing our top 20 client and currency exposures on our
website, the largest of which currently represents 4.86%."
Enquiries:
Alpha FX Group plc via Alma PR
Morgan Tillbrook, Founder and CEO
Tim Kidd, CFO
Liberum Capital Limited Tel: +44 (0) 20
(Nominated Adviser and Sole Broker) 3100 2000
Neil Patel
Cameron Duncan
Kane Collings
Alma PR (Financial Public Relations) Tel: +44 (0) 20
3405 0205
Josh Royston
Andy Bryant
Kieran Breheny
Market Abuse Regulation
This announcement is released by Alpha FX Group plc and contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("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 Tim Kidd, Chief Financial
Officer.
Notes to Editors
Alpha is a high-tech, high-touch provider of enhanced financial
solutions dedicated to corporates and institutions operating
internationally. Working with over 900 clients across 50+
countries, we blend human capabilities with new technologies to
solve complex problems across three key areas: FX risk management,
global accounts and mass payments.
Key to our success is our team - over 200 people based across
five global offices, brought together by a high-performance culture
and a partnership structure that empowers them to act as owners of
our business.
Despite being an established business listed on the London Stock
Exchange, we remain relentlessly focused on maintaining the same
level of operational agility and client focus we had when we first
started in 2009. This dynamic, combined with the passion of our
people, have enabled us to make a substantial and enduring
difference to our clients, and deliver a growth story to match.
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