Equals Group plc (LON:EQLS), the fintech payments group focused on the Enterprise and SME marketplace, today announced an update further to the completion of the acquisition of Oonex SA.

The acquisition consideration was to be satisfied by the initial issue of 3,938,294 Ordinary Shares of 1p each in Equals and further tranches of up to 61,706 Ordinary Shares and up to 1,000,000 Ordinary Shares. The conditions for the further tranche of 1,000,000 Ordinary Shares have now been met and accordingly 1,000,000 Deferred Consideration Shares have now been allotted and issued conditional on Admission.

All Ordinary Shares issued as consideration for the Acquisition are subject to a lock-in agreement for two years from Completion.

The terms of the Acquisition provide for the issue and allotment of the BDR Shares dependent on recovery of outstanding receivables by Oonex on or before 31 December 2023. Those outstanding receivables have not been recovered and are not expected to be recovered by 31 December 2023, in which case the BDR Shares will not be issued and the obligation to issue them will lapse.

Application has been made for the Deferred Consideration Shares to be admitted to trading on AIM. Admission is expected to occur at 8:00am on 4 January 2024.

Following Admission, the Company will have 187,627,898 ordinary shares of 1 pence each in issue admitted to trading on AIM.