Edison Investment Research - MyBucks SA (MBC) MyBucks - Entering a restructuring phase

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Edison Investment Research

Milosz Papst

MyBucks - Entering a restructuring phase

On 26 March, MyBucks (MBC) announced a recapitalisation proposal aimed at strengthening its balance sheet, which is urgently required given the current high level of gearing and negative equity at the parent entity level. The recapitalisation will be entirely non-cash and MBC will require bridge financing until it issues new shares against cash. Simultaneously, Dave van Niekerk agreed to retire from the CEO position and was replaced by Timothy Nuy, MBCâ€™s former CEO. In response to the release, MBCâ€™s share price suffered considerable losses (currently at â‚¬1.22 vs â‚¬3.56 at close on 25 March).

02/04/2019 3 EN

Underlying

MyBucks SA

MyBucks SA. MyBucks SA is a Luxembourg-based company primarily engaged in the consumer lending sector. The Company is a financial technology (FinTech) entity, which focuses on distributing financial products through online platforms. Its products and services portfolio comprises: GetBucks, which offers short-term single payment loans, installment loans and other credit-related services; GetSure, which provides insurance cover, including life, funeral and health insurance, among others, and GetBanked, which offers saving accounts, mobile payment transactions, credit card transactions, as well as access to banking, credit and insurance portfolio in an online tool, among others. The Company aims at low- and middle-income consumer segment, mainly in emerging markets. It operates in a number of European and South African countries, such as Spain, Poland, Zimbabwe, Kenya, Botswana and Uganda. It operates through New Finance Bank Malawi Ltd, a Lilongwe-based commercial bank.

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LU1404975507 Luxembourg

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Milosz Papst

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MyBucks - Entering a restructuring phase

MyBucks - Continued efforts to turn the business around

DGAP-News: MyBucks S.A.: MyBucks S.A. Completes Second Phase of Financial Restructuring

DGAP-News: MyBucks S.A. Announces Changes to its Board of Directors

Record - AUME momentum and a sharper focus

Actinogen Medical - Funding in place through key catalysts

Henderson Opportunities Trust - A differentiated exposure to smaller companies

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