Billing Services Group Limited Annual Report and Accounts and Corporate Update (5282S)
26 June 2018 - 4:00PM
UK Regulatory
TIDMBILL
RNS Number : 5282S
Billing Services Group Limited
26 June 2018
NEWS RELEASE
June 26, 2018
Billing Services Group Limited
("BSG" or the "Company")
Annual Report and Accounts
BSG, a leading provider of telecommunications clearing and
financial settlement products, Wi-Fi data solutions and
verification services, announces that an electronic copy of its
Annual Report for the year ended December 31, 2017 ("Annual
Report") has been posted to the Company's website
(www.bsgclearing.com) and is now considered delivered to
shareholders by electronic communication in accordance with the
resolution approved at the 2013 Annual General Meeting.
In the Co-Chairmen's Message in the Annual Report the following
information is included:
STRATEGIC REVIEW
In 2016, the Board initiated a strategic review to determine the
future composition of the group, including capital structure and
business lines. The most visible action taken to date under the
strategic review was the $5.0 million cash tender offer completed
in December 2017.
After running a comprehensive sale process with respect to BSG
Wireless, the Company's Wi-Fi data solutions business, the Board
has concluded that the offers received did not represent fair value
to the shareholders, and accordingly has terminated the sale
process. As of this writing, management is implementing a plan
refocusing BSG Wireless's efforts on certain profitable product
sets supported by an appropriately sized staff.
CAPITAL MANAGEMENT
The Board oversees the structure and allocation of the Company's
capital. The Company's management team has performed commendably in
generating cash from the business, which has strengthened the
balance sheet and preserved a variety of strategic options.
There are several non-exclusive options available in allocating
capital, including the sale or purchase of business assets;
additional investment in existing businesses; and cash
distributions to shareholders. Our primary focus today centers on
creating a liquidity event that will enable shareholders to realize
a further return on their investment.
INQUIRIES:
Billing Services Group Limited +1 210 949 7000
Norman M. Phipps
finnCap Limited +44 (0) 20 7220 0500
Stuart Andrews/Scott Mathieson
About BSG:
BSG is located in San Antonio, Texas, USA. The Company is traded
on the London Stock Exchange (AIM: BILL). For more information on
BSG, visit www.bsgclearing.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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