Tallinn, Estonia based Retail FX and CFDs broker Admirals Group AS has announced plans to restructure the group, which will see the merger of corporate holding entities Admiral Markets AS and Admirals Group AS.

Admirals Estonia license

As part of the restructuring, Admiral Markets AS intends to withdraw the investment company license granted to Admiral Markets AS in Estonia.

Admirals global regulated subsidiaries

The Admirals group operates several subsidiaries internationally under many licenses issued by the Financial Conduct Authority (FCA) for the UK, the Australian Securities and Investments Commission (ASIC) for Australia, the Cyprus Securities and Exchange Commission (CySEC) for Cyprus, Jordan Securities Commission (JSC) for Jordan, Financial Sector Conduct Authority (FSCA) for South Africa, Investment Industry Regulatory Organization of Canada (IIROC), Capital Markets Authority for Kenya, and the Financial Services Authority (FSA) for the Seychelles as well as newly established Crypto License in Cyprus (CySEC).

The company said that the restructuring stems from the fundamental necessity and choice to expand the Group’s presence globally, as the company has substantially positioned itself in new regions during recent years. Admirals noted that the on-going change shall have no impact on the existing Group’s clients.

Albeit the restructuring, Estonia remains the company’s global headquarters and strategic location. Admirals continues to be headquartered in Tallinn, Estonia with more than 100 employees. As well, MoneyZen, the lending platform owned by the company is regulated by the Estonian financial authority, adding to the presence of Admirals in the country.

The withdrawal of Admiral Markets AS’ Estonian investment company operating license is planned for the second half of this year, presumably in August. After withdrawing the operating license, the plan is to merge Admiral Markets AS and the group’s parent company Admirals Group AS. The merger is contemplated to be finalised in the first half of 2024.

Admirals bond buyback

In addition to the restructuring and license news, Admiral announced the buyback of up to 18,268 Tier 2 bonds issued on 28 December 2017 (ISIN code EE3300111251, nominal value EUR 100 per bond, with maturity date 28 December 2027, hereinafter the bond) during the period from 23 May 2023 to 2 June 2023 at the price of EUR 104.53 per bond. The value date of the bond transaction is 7 June 2023 or a date close to it. the buyback offer is addressed only to current bond investors of Admiral Markets AS.

As a result of the above, all rights and obligations related to bonds not sold back to Admiral within this offer will be transferred to Admirals Group AS in the course of the merger, where these will continue to be serviced according to the bond conditions until the maturity date of the bonds.

About Admirals

Admirals is a very Euro-centric broker, with 87% of trading revenue originating from EU based clients in 2022. The Admirals Group is controlled by the company’s Chairman, Estonian businessman Alexander Tsikhilov.