Admirals To Withdraw Its Estonian License Amid Global Consolidation
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Admirals Group AS, the parent company for the Admirals forex and contracts-for-difference (CFD) brokerage platform, has announced plans to merge with Admirals Markets AS. The latter is the company’s subsidiary in Estonia, with the merger slated to happen during the first half of 2024.
Admirals to withdraw Estonian license
To realize this plan, Admirals has said that it will withdraw the investment company license for the subsidiary during the second half of this year, with the expected timeline for this withdrawal being August.
Admirals Markets AS is a company based in Estonia, and it disclosed this plan on Thursday. The company has said that the restructuring comes from a fundamental necessity and the company’s choice to expand its operations globally. According to Admirals, the firm positioned itself within new regions in recent years.
The Admirals Group has a vast presence globally. It has a presence across 18 countries, with a portfolio in more than 145 nations. The company provides access to forex, contracts for difference, and stock trading services to clients. It is also regulated across multiple jurisdictions, such as Australia, Canada, Cyprus, South Africa, and the UK.
Admirals Group released a statement saying that despite the restructuring, the company still maintained its strategic location in Estonia. The company also said that it will continue to have its headquarters in Tallinn, Estonia, where it has over 100 employees. Admirals has also added that its lending platform, MoneyZen, would continue to complement its presence in the country.
Admirals unveils a €1.9M bond buyback program
Admirals plans to consolidate its global presence and withdraw its Estonia license comes as it plans the repurchase 18,268 Tier 2 bonds valued at €1.9 million from investors. This financial instrument is a type of debt security that ranks below other forms of debt in case the company files for bankruptcy.
Admirals will be purchasing these bonds for €104.53 per bond. These bonds were issued on December 28, 2017, and they have a maturity rate of ten years. The buyback program that has been announced by the company will not come with any encumbrances with third-party rights.
The value date of the bond transaction has been set for June 7, 2023, or any other data that is close to that. The buyback offer has also been addressed to the current bond investors of Admiral Markets AS.
