eServGlobal Limited HomeSend KPIs, Facility & Second Tranche Capital (2312Z)
16 5월 2019 - 3:01PM
UK Regulatory
TIDMESG
RNS Number : 2312Z
eServGlobal Limited
16 May 2019
eServGlobal Limited ("eServGlobal" or the "Company")
HomeSend KPI Update, Facility Agreement & Second Tranche
Capital Contribution
16 May 2019
eServGlobal (LSE: ESG.L & ASX: ESV.AX), a pioneering digital
transactions technology company, is pleased to provide the
following update on the performance of HomeSend to 31 March
2019.
KPI Previous Quarter Q1 2019
Q4 2018
Average Transaction Value 35% increase 13% increase
during H2 2018 over prior quarter
---------------- -------------------
Gross Value Flows across HomeSend Stable over Q3 20% increase
platform and Q4 2018 over prior quarter
---------------- -------------------
Key Destination Markets Covered 60 64
---------------- -------------------
The number of Mastercard Send and HomeSend customers live on the
HomeSend platform was unchanged from Q4 2018, with the number of
projects in implementation and development remaining significant.
The number of live corridors increased by 9% during the same
period.
Facility Agreement
To provide the float requirements of the forecast increase in
gross value flows across the HomeSend platform, eServGlobal Limited
has today entered into a loan facility agreement with HomeSend SCRL
for the sole permitted purpose of funding the pre-payment timing
gaps in HomeSend's settlement model (the "Facility"). Mastercard
has entered into a similar loan facility agreement with HomeSend
SCRL. The Facility is for a total of EUR20M between eServGlobal and
Mastercard with eServGlobal providing approximately EUR7.1M in
proportion to its shareholding in HomeSend SCRL. The Facility is in
addition to the established unsecured EUR5M credit facility
provided by KBC Bank SA to HomeSend SCRL that is substantially
fully drawn and is utilised, and will remain so, for the same
purpose as the Facility.
The Facility is a revolving credit line, with HomeSend able to
draw and re-draw the funds as required with an obligation to return
amounts drawn if not required, based on HomeSend's forecasts. The
Facility is unsecured and interest is payable quarterly at 1.916%
per annum on the amount drawn. There is no establishment or
commitment fee. All drawings and repayments under the Facility must
be made concurrently by, and proportionately between, eServGlobal
and Mastercard in accordance with their shareholding in HomeSend
SCRL. The Facility expires on 15 December 2020.
In October 2018 eServGlobal raised its proportionate share of
the EUR33M HomeSend was anticipated to require in the short to
medium-term for funding of the pre-payment timing gaps in its
settlement model. This Facility, together with the established
credit facility, is forecast to exceed HomeSend's requirements to
the end of 2019, based on the current efficiency of its settlement
model. HomeSend may seek additional funding from eServGlobal and
Mastercard, or third parties, to meet the requirements for 2020 and
beyond.
Second Tranche Funding
Following the first tranche of funding announced on 29 November
2018 for a total of EUR6.1M, eServGlobal advises that it has
subscribed for additional ordinary and preferred shares in the
capital of HomeSend SCRL for a total of EUR2.19M. Mastercard
subscribed for its proportionate number of shares in the capital of
HomeSend SCRL so as to maintain the percentage shareholdings of
Mastercard and eServGlobal in HomeSend SCRL at 64.32% and 35.68%
respectively, providing a total of approximately EUR6.1M in
additional capital to HomeSend. The funds are provided to ensure
HomeSend satisfies its minimum capital requirements and to support
operational expenses.
For further information, please contact:
eServGlobal www.eservglobal.com
John Conoley, Executive Chairman investors@eservglobal.com
Tom Rowe, Company Secretary
Andrew Hayward, Chief Financial Officer
Alison Cheek, VP Corporate Communications
finnCap Limited (Nomad and Broker) www.finnCap.com
Corporate Finance: Jonny Franklin-Adams / T: +44 (0) 20 7220
Anthony Adams / Hannah Boros 0500
Corporate Broking: Tim Redfern / Richard Chambers
Tulchan Communications LLP www.tulchangroup.com
Jonathan Sibun / Matt Low T: +44 (0)207 353 4200
About eServGlobal
eServGlobal (AIM:ESG, ASX:ESV) is a pioneering digital financial
transactions technology company, enabling financial and
telecommunications service providers to create smoother
transactions for their customers through deep technical expertise
and rapid implementation. Built on the latest technology platforms,
eServGlobal offers a range of transaction services including
digital wallets, commerce, remittance, recharge, rapid service
connection and business analytics. eServGlobal combines more than
30 years' experience, with an agile, future-focused mindset, to
align with the requirements of customers and partners around the
globe.
Together with Mastercard, eServGlobal is a joint venture partner
of the HomeSend global payment hub, enabling cross-border transfer
between bank accounts, cards, mobile wallets, or cash outlets from
anywhere in the world.
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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