SWAP Moneyswap

TIDMSWAP

RNS Number : 8242M

MoneySwap Plc

18 October 2016

18 October 2016

MoneySwap plc

("MoneySwap" or the "Company")

Cessation of e-wallet business

MoneySwap announces that it is to cease operating its e-wallet facility for individual clients. The e-wallet facility enables its users to trade currencies and make peer-to-peer and third-party transfers. For some time, this business has been a very minor part of the Company's overall operations and is not considered by the Directors to be of strategic importance to the business going forward. The Company will continue to focus on its core business operations as a provider of; i) real time remittance solutions from overseas to China; and ii) gateway solutions to merchants in the UK.

The closure of the Company's e-wallet operations has been agreed with Hunan Commodities Trading Centre Company Limited ("HNCX"), the proposed new investor in MoneySwap. All monies held in e-wallet accounts are to be returned to the account holders.

MoneySwap intends shortly to post a circular to shareholders setting out details of the proposed investment by HNCX and convening a General Meeting to consider and, if thought fit, pass various enabling resolutions to allow the investment to proceed.

The Company's shares were suspended from trading on AIM on 21 September 2016 and will remain suspended until the Company's audited report and accounts for the year ended 31 March 2016 have been published and posted to shareholders.

- Ends-

For further information, please contact:

 
 MoneySwap Plc             Allenby Capital Limited 
------------------------  ------------------------ 
 Interim Chief Executive   Nominated Adviser 
------------------------  ------------------------ 
 Craig Niven               Nick Naylor 
                            James Reeve 
------------------------  ------------------------ 
 +44 7767 497400           +44 20 3328 5656 
------------------------  ------------------------ 
 

About MoneySwap (www.moneyswap.com)

MoneySwap provides payment solutions and gateways to merchants, which allow both online and point of sale transactions to be settled using UnionPay cards in the UK. In addition, UnionPay has licensed MoneySwap for its MoneyExpress service, which enables overseas persons to send funds directly to UnionPay cardholders in China. The Company also offers an online peer-to-peer platform for currency exchange and payments. The Company's shares are traded on the London Stock Exchange's AIM market (AIM: SWAP). More information can be found at www.moneyswap.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

October 18, 2016 04:35 ET (08:35 GMT)

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