CC Finance Group plc, the holding company of financial planning firm Calamatta Cuschieri, on Monday announced that it will be acquiring all of the shareholding in its subsidiary Moneybase Holding Limited to optimise the company’s wider structure.
CC Finance Group holds various investments through subsidiary companies, operating in investment services, capital markets, online trading, wealth and fund management, as well as fund administration. In 2022, the group launched Moneybase, a mobile payment app that has been described as Malta’s first neobank.
The plans to undergo the restructuring were first announced in 2022, with CC Finance Group seeking to make Moneybase Holding Limited a directly controlled and owned subsidiary of the company. It will then be merged to continue to consolidate and rationalise the group’s structure. This decision was reconfirmed in a separate market update last week, which also included news about CC Finance Group’s subsidiaries abroad, as well as plans to have its name changed to Calamatta Cuschieri Moneybase plc.
In the latest announcement, CC Finance Group stated that after a number of steps were completed and regulatory approval was obtained, it will be acquiring 100 per cent of the issued and subscribed shares of Moneybase Holding Limited, the company holding the intellectual property consisting in software used by the group and its subsidiaries.
As a result, CC Finance Group will be acquiring 2,000 of the issued shares in the company, 1,000 shares from Gardell Investments Limited, and another 1,000 from Taurus Investments Limited.
The acquisition of the shares shall be made for a consideration that is equal to par value of the shares, and hence at €1 each. Each share shall be paid and settled by CC Finance Group through the issuance and allotment of new shares allotted at par value. Therefore, this will take place through the issue of 1,000 newly allotted shares at €1 each to both Gardell Investments Limited and Taurus Investments Limited.
“The transaction shall therefore have no effect on nor produce any change in the beneficial ownership of Moneybase Holding Limited, which shall continue to be beneficially owned by the same beneficial owners in the same proportion as that before the transaction. Similarly, no change shall occur to the composition of the shareholding and beneficial ownership of the company as a result of this transaction,” the statement added.
The intellectual property assets in Moneybase Holding Limited consist in the IT and software arrangements and licences functional to the operations of CC Finance Group. Gross assets have a book value of €7.2 million according to the financial statements of the company for the year ended 31st December 2023. Moneybase Holding currently licenses the use of the assets to companies within the group through licensing agreements, which shall remain in force.
