MyBucks S.A. Announces Increase In Debt Recapitalization
Luxembourg, November 25, 2019 – Frankfurt-listed Digital African Banking Group MyBucks S.A. (“MyBucks” or the “Company”) today announced that it has agreed with further stakeholders to participate in the Debt Recapitalization for a total of EUR10,531,203 with a resulting total volume of EUR63,926,377. To date, 600,000 shares have been issued and the Company expects to complete the administrative procedures of issuing the residual 63,326,377 shares at a value of EUR 1 per share before year-end.
Debt Recapitalization of in total c. EUR63.9m will ensure that the negative equity position of c. EUR45m as announced on 13 November 2019 is remedied, and see the Company return to positive equity. Post the Debt Recapitalization, the Company expects to have 76,631,990 shares in issue.
MyBucks continues talks with other stakeholders to increase the volume of the Debt Recapitalization and subsequent to the completion of the Debt Recapitalization, MyBucks intends to engage on the proposed rights offer in 2020 at a ratio of at least 5 new shares per every 1 share currently owned to compensate shareholders for the dilutive effect of the Debt Recapitalization.
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.com
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