25 April 2024
W.A.G payment solutions
plc
FireTMS restructuring option
for remaining 19% equity shareholding
W.A.G payment solutions plc
("Eurowag", or the "Group") a leading pan-European integrated
payments and mobility platform focused on the commercial road
transportation industry ("CRT"), today announces a restructuring of
its call option for the remaining 19% equity shareholding in
FireTMS.
Eurowag acquired an 81% shareholding
in FireTMS as part of the Inelo acquisition, with a put and call
option being in place for the remaining 19% equity shareholding
under pre-agreed terms, exercisable in 2026. Following the period
of ownership, Eurowag has decided that it would benefit the Company
to utilise the FireTMS' expertise for its new digital platform.
Eurowag therefore has today restructured the option mechanism in
order to accelerate the FireTMS integration. The maximum option
price and final option timing remains the same, however the
payments will be phased and subject to new terms. Eurowag will buy
7.6% of the equity shareholding for €3.4m, paid in two equal
instalments in April and July 2024. The final 11.4% equity
shareholding remains subject to an option mechanism exercisable in
H1 2026 and the price is subject to certain financial and KPI
targets met by FireTMS.
Eurowag will be acquiring the
remaining 19% of FireTMS from two minority shareholders: Krzysztof
Adamczyk and Sebastian Rzytki. As Krzysztof Adamczyk is Director of
FireTMS, the restructuring of the put and call option constitutes a
smaller related party transaction for Eurowag, falling within
LR11.1.10 R. Accordingly, Eurowag has received confirmation from a
sponsor, that the terms of the restructuring of the put and call
option are fair and reasonable as far as the shareholders of the
Company are concerned.
ENQUIRIES
Eurowag
Carla Bloom
Head of Investor Relations and
Communications
+44 (0) 789 109 4542
investors@eurowag.com
Powerscourt
Justin Griffiths, Gilly
Lock
IR
and international media
+44 (0)20 7250 1446
eurowag@powerscourt-group.com
About Eurowag
Eurowag was founded in 1995 and is a
leading technology company and an important partner to Europe's
commercial road transport industry, with a purpose to make it
clean, fair and efficient. Eurowag enables trucking companies to
successfully transition to a low carbon, digital future by
harnessing all mission critical data, insights and payment and
financing transactions into a single ecosystem and connects their
operations seamless before a journey, on the road and
post-delivery. http://www.eurowag.com