Business
Conditional acquisition of Angra Limited
Conditional acquisition of Angra Limited.
About this update from Gstechnologies Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 9659N\n GSTechnologies Ltd\n 05 October 2021\n \n \n \n \n 5 October 2021\n \n \n GSTechnologies Limited\n \n \n (\"GST\" or the \"Company\" or the \"Group\")\n \n \n Conditional acquisition of Angra Limited\n \n \n GSTechnologies Limited (LSE: GST), the integrated information and communication technology infrastructure solutions provider, is pleased to announce that the Company has entered into a conditional agreement to acquire the whole of the issued share capital of Angra Limited (\"Angra\"), a UK-based foreign exchange and payment services company (the \"Acquisition\").\n \n \n Angra, which operates under the AngraFX brand name, is a Financial Conduct Authority (\"FCA\") approved Authorised Payment Institution (\"API\"), conducting fast, secure and low-cost foreign exchange business and payment services internationally. In the year ended 30 September 2020 Angra transacted business to the value of £64.0 million.\n \n \n The Company is acquiring Angra from its director and sole shareholder Rodolfo Modesto Basilio (the \"Seller\"). It is GST's intention that Rodolfo and the current management and employees of Angra will remain with the Company. \n \n \n The Company will conditionally acquire 100% of the issued share capital of Angra and, in addition, the Seller will assign his £100,000 loan to Angra to the Company for a nominal consideration. Consideration for the Acquisition is £800,000 payable in cash upon completion. In its most recent published accounts to 30 September 2020, Angra reported gross assets of £1.7 million of which £0.47 million was cash. For the year to 30 September 2020, Angra reported profit before tax of approximately £69,000.\n \n \n Completion of the Acquisition is conditional, inter alia, on final due diligence, which is expected to be completed by GST by 31 October 2021, and also on GST obtaining approval from the FCA for the change of control of Angra, a regulated entity. Further announcements will be made on the progress of the Acquisition in due course.\n \n \n The Company stated in its recent prospectus, published on 6 September 2021, that it intended to seek an API licence in order to be able to connect to traditional banking payment systems and agent networks, operate a remittance business in the UK and grow revenues from the stabl...