Regulatory News

Equals (AIM:EQLS), the fast-growing B2B focused e-banking and international payments group announces that, in further consultation with shareholders, it has made an adjustment to the terms of the new Long Term Incentive Plan (‘LTIP’), which was implemented and announced on 20 August 2020.

As per the announcement, options over ordinary shares in the Company were granted to Ian Strafford-Taylor and Richard Cooper under the LTIP.  Whilst these options remain subject to the same vesting and performance conditions as previously announced, it has been agreed by the Remuneration Committee that the options shall also carry an exercise price of 29p per share, as opposed to the previous exercise price of £nil.

All other terms of the LTIP are unchanged.

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Notes to Editors:

Equals is a leading challenger brand in banking and payments that disintermediates the incumbent banks with a superior user experience and low-cost operating model.  The Group enables its personal and business customers to make easy, low-cost payments both domestically and in a broad range of currencies across a range of products all via one integrated system.

Equals provides money movement services to both business and personal customers through five inter-connected channels - International Payments, Corporate Expenses platform, Bank Accounts, Travel Money (comprising currency cards and physical currency).  International Payments channel supports wire transfer foreign exchange transactions direct to bank accounts.  For corporates, Equals has a market-leading business-expenses solution based around its corporate platform and prepaid card which yields significant cost savings via tighter control on expenses before they are incurred coupled with eliminating inefficient processes.  Equals also offers business and retail bank accounts with all the functionality offered by banks, namely faster payments, BACs, direct debits, international payments and a debit card.  The Travel Money offerings (retail currency card and physical currency) represent cost-effective and secure methods for travelers to spend abroad.