Admirals Group to Withdraw Estonian License amidst Global Consolidation

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Admirals Group to Withdraw Estonian License amidst Global Consolidation

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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This article was written by Solomon Oladipupo at www.financemagnates.com.

Source: Admirals Group to Withdraw Estonian License amidst Global Consolidation