X Markets Group
On 25 July 2017, Angelfish Investments plc (“Angelfish”) announced that the Company had entered into an agreement to provide a loan facility to X Markets Group Ltd (“XMG”).
XMG provides non-bank liquidity offering executable prices for a variety of mainly spot products which includes CFDs, FX, futures and equities. It streams prices to its clients who are forex and CFD brokers as well as tier-1 & tier-2 banks, brokers and other financial institutions (and exchanges) for their own clients’ order execution.
XMG will use the funds from the loan for working capital purposes to develop its business. The loan is in the amount of GBP100,000 supported by an interest rate of 1% per month. Repayable within two years the agreement provides for a significant uplift on repayment.
In addition, the loan agreement entitles Angelfish to receive, on the earlier of the second anniversary of the date of the agreement or the date of repayment of the loan, such number of ordinary shares that shall equate to five per cent. of the then issued share capital of XMG.