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MyBucks S.A., LU1404975507

MyBucks S.A., LU1404975507

23.06.2020 - 16:37:29

MyBucks S.A. Completes Second Phase of Financial Restructuring

/ Disclosure of an inside information according to Art. 17 MAR

MyBucks S.A. / Key word(s): Disposal/Personnel

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR IN WHICH THE OFFERING OF SECURITIES IS SUBJECT TO REGULATORY RESTRICTIONS. OTHER RESTRICTIONS ARE ALSO APPLICABLE.

MyBucks S.A. Completes Second Phase of Financial Restructuring

- External debt reduced by c. EUR26.5m through effective sale of operations in Botswana and disposal of equity stakes in Mozambique and Zambia

- Malawian balance sheet strengthened through introduction of a local partner with parallel c. EUR6m liquidity unlocked for further debt reduction

- Residual debt reduced to est. c. EUR25m from c. EUR108m as of 31 March 2019 at the start of the restructuring

- Proposed appointment of Patrick Matute as an Executive Board Member, appointment of Craig Lyons as Chairman of the Board with a phase-out of Timothy Nuy as CEO following the successful completion of the restructuring

Luxembourg, June 23, 2020 - Frankfurt-listed Fintech MyBucks S.A. ("MyBucks" or the "Company") today announced that it has successfully completed a second phase of the Debt Restructuring of the Company. It has reduced its consolidated indebtedness by c. EUR26.5m through a disposal of GetBucks Limited, Mauritius (holding its Botswana operation) including a disposal of shares in its operations in Mozambique and Zambia. MyBucks will retain a c. 25.0% stake in MBC Mozambique. MyBucks has further agreed to reduce its shareholding in Malawi to 49%, taken up by Mpatsa Holdings ("Mpatsa") a local investment holding company, allowing for a debt reduction by c. EUR6m. These transactions remain subject to customary regulatory approvals, most importantly central bank approval in Malawi, Mozambique and Zambia.

MyBucks expects the transaction to have an accretive effect on its equity. It is expected to reduce gross external debt to c. EUR25m, against which the Company still holds financial assets of c. EUR10m.

To further align the cost structures of the Group to the need to focus on operational efficiency, the Group has decided to simplify its governance structures. Craig Lyons will take-over as an active Chairman of the Board of MyBucks S.A. from Dirk Harbecke. The executive team will be composed of Craig Lyons, Riaan Paul (Group Chief Financial Officer, based out of Luxembourg) and Patrick Matute (CEO of MyBucks' wholly-owned bank holding company, based in Africa). This structure will allow the Group to reduce cost, and to continue to deliver world-class reporting out of Luxembourg whilst driving significant growth on-the-ground in the African assets. Having successfully completed his restructuring mandate, Timothy Nuy will be stepping down as Chief Executive Officer and leaving the Board at the next Annual General Meeting.

MyBucks expects to publish its audited financial statements by End of July 2020, and will invite for a general meeting thereafter to approve these financial statements. MyBucks intents to further align its Board of Directors to the transformed operational structure in this regard.

ENDS

About MyBucks

MyBucks S.A. is a FinTech company domiciled in Luxembourg that delivers financial services through technology. MyBucks operates in six African countries through its brands GetBucks, GetSure, MBC, and Opportunity Bank. The Group offers credit, banking solutions and insurance products to customers. The MyBucks product offering enables customers to manage their financial affairs easily and conveniently. Discover more at http://www.mybucks.comContact: Investor related matters: investors@mybucks.com Public relations: pr@mybucks.comImportant Notice:

This publication does not constitute an offer of securities for sale or a solicitation of an offer to purchase or subscribe securities of MyBucks S.A. in the United States, Germany or any other jurisdiction.

This publication is not intended, either directly or indirectly, for dissemination or distribution to the USA or within the USA (including its territories and possessions, a U.S. federal state and the District of Columbia) and may not be distributed or forwarded to 'U.S. persons' (as defined in Regulation S of the U.S. Securities Act of 1933 in the applicable version ('Securities Act')) or to publications which are widely available in the USA. This publication does not constitute an offer - or a request to issue an offer - to buy or acquire securities in the USA, nor is it part of such an offer or request. The securities are not and will not be registered in accordance with the provisions of the Securities Act and may only be sold or offered for purchase in the USA with prior registration in accordance with the provisions of the Securities Act in the version currently applicable or, in the absence of prior registration, if an exemption is granted. MyBucks S.A. does not intend to make a public share offer in the USA.

Subject to certain exceptions under applicable securities laws, the securities referred to in this publication may not be offered or sold in Canada, Australia or Japan or to, or for the account or benefit of, any national, resident or citizen of Canada, Australia or Japan.

No action has been taken that would permit an offering of securities or their subscription or the distribution of this publication in any jurisdiction where such offering, subscription or distribution is prohibited. Persons who obtain this publication are required to inform themselves about potential restrictions and to observe any such restrictions.

This publication contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of MyBucks S.A. and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those described herein due to factors affecting MyBucks S.A. such as, among other things, changes in the general economic and competitive environment, capital market risks, currency exchange rate fluctuations and competition from other companies, and changes in international and national laws and regulations, in particular with respect to tax laws and regulations. MyBucks S.A. does not assume any obligation to update any forward-looking statements.

The information contained in this publication is for background purposes only and does not purport to be full or complete. No reliance may be placed, for any purpose, on the information contained in this publication or its accuracy or completeness. The information in this publication is subject to change.

Neither the bank nor any of their directors, officers, employees, advisers or agents accept any responsibility or liability whatsoever for or make any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this publication (or whether any information has been omitted from the publication) or, with limited exception, other information relating to MyBucks S.A., its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and independent from how it was transmitted or made available, or for any loss in any way arising from any use of this publication or its contents or otherwise arising in connection therewith.

 

23-Jun-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English Company: MyBucks S.A. 9 rue du Laboratoire L-1911 Luxembourg

Luxemburg Phone: +352 2088 2123 Fax: +27 86 537 2010 E-mail: info@mybucks.com Internet: www.mybucks.com ISIN: LU1404975507 WKN: A2AJLT Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Munich, Stuttgart, Tradegate Exchange EQS News ID: 1077049   End of Announcement DGAP News Service

1077049  23-Jun-2020 CET/CEST

@ dgap.de