Boxhill Establishes Foreign Exchange And Treasury Services Business

28th Mar 2018 12:44

LONDON (Alliance News) - Boxhill Technologies PLC said Wednesday that it has established a new subsidiary, Market Access Ltd, to operate a foreign exchange and treasury services business.

The unit, which commenced trading Monday last week, is operated by Mark Harris, a experienced forex executive.

In consideration for his services, a company controlled by Harris will receive shares in Boxhill equal to 13% of the current issued share capital if Market Access achieves at least GBP1 million in earnings before interest, taxes, depreciation and amortisation in the 12-month period to January 31, 2019. The percentage of shares issued will be scaled down if Market Access achieves less than GBP1 million Ebitda for the period.

"The board believes that without any cash outlay the foreign exchange business will complement our existing businesses servicing both our internal needs and those of our corporate and personal customers," Boxhill said.

The e-commerce technology company also said that revenue for its payments division fell in February and March due drop in high value transfers. The lottery division is operating in line with expectations with revenue slightly higher than expected in the previous month.

Boxhill continues to search a suitable candidate for the chief executive officer role and has substantially reduced its indebtedness.

Shares in the company were trading 2.1% higher at 0.07 pence Wednesday.

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