CAB Payments shares rise as Helios consortium increases possible offer
The Helios consortium on Monday said it is seeking the recommendation for an increased possible offer to buy CAB Payments Holdings PLC.
The consortium comprises Helios Fund V and Helios Fairfax Partners. It holds, controls, or has received a letter of support for the increased possible offer for just over 50% of shares in CAB Payments, a London-based payment processing and foreign exchange provider.
Under the increased possible offer, CAB shareholders would receive $1.15 in cash per share. Should a firm offer be made, the consortium would also make a partial unlisted share alternative available.
It is a 9.5% increase from a $1.05 possible offer by the consortium that CAB had rejected in January.
The increased possible offer represents a value of $292 million for CAB Payments, or £213 million, with the Helios consortium using a spot exchange rate from Friday. The Helios consortium said the possible offer is a 21% premium to the volume weighted average share price for the 30-day trading period that ended on Friday.
CAB shares rose 3.7% to 74.85 pence each on Monday morning in London, around $1.03, giving it a market capitalisation of £190.2 million, or $260.7 million.
‘The Helios consortium believes after CAB Payments’ challenging period as a listed company, including a profit downgrade, executive leadership change and a withdrawn possible offer from StoneX Group, the long-term success of the business will be better supported under the Helios consortium’s private ownership,’ it said.
The consortium must announce a firm intention to make an offer or that it does not intend to make an offer by the end of March 2.
Last week Thursday, CAB said that its Middle Eastern subsidiary CAB Global Markets secured a Category 2 Financial Services permission from the Financial Services Regulatory Authority of the Abu Dhabi Global Market. Separately, it announced it secured a ‘significant’ new global clearing partnership with a ‘leading global bank.’
Chief Executive Officer Neeraj Kapur said: ‘These two announcements mark a significant step forward in our strategy. The granting of the licence strengthens our ability to deliver on our purpose with our increasing client base and expand our presence in key growth regions. The UAE’s geographic position, sophisticated regulatory environment, and deep capital markets make it one of the world’s leading financial centres. Importantly, our additional clearing partnership with another global banking institution materially enhances our growth opportunities.’
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