Admirals Group AS, the parent company of FX/CFDs brokerage Admirals, plans to merge with Admirals Markets AS, its Estonian subsidiary, during the first half of next year. To actualize the plan, the firm intends to withdraw the subsidiary’s investment company license during the second half of this year, possibly by August.
Admirals Seeks Global Consolidation
The Estonia-based company disclosed the plan on Thursday, noting that “the restructuring stems from the fundamental necessity and choice to expand the Group’s presence globally.” Admirals added that the firm has ‘substantially positioned’ itself in new regions in recent years.
Currently, the Group boasts of its presence in 18 countries and client portfolio in over 145 nations. The company, which offers forex, contracts for difference and stock trading services to its clients, is regulated in multiple jurisdictions, including in the UK, Australia, Canada, Cyprus and South Africa.
“Albeit the restructuring, Estonia remains the Company’s strategic location,” Admirals Group said in a statement. “The Company continues to be headquartered in Tallinn, Estonia with more than 100 employees.”
Furthermore, Admirals noted that MoneyZen, its lending platform regulated by the Estonian Financial Supervision and Resolution Authority, will continue to complement its presence in Estonia.
Admirals Announces €1.9M Bond Buyback
Meanwhile, Admirals Group disclosed that it intends to repurchase a total of 18,268 Tier 2 bonds worth €1.9 million from its investors. This type of debt security ranks below other types of debt in the event of company bankruptcy.
The bonds, which Admirals intends to buy for €104.53 per bond, were issued on December 28, 2017, with a 10-year maturity. The buyback programme is free of any encumbrances with third-party rights, the company said.
“The value date of the bond transaction is 7 June 2023 or a date close to it. Buyback offer is addressed only to current bond investors of Admiral Markets AS,” Admirals further noted.
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