Francesc Riverola,
Hi everyone
One October 1st 2010 I announced here that UK’s branch of Cyprus fast growing FxPro had been accepted to be supervised by UK’s FSA:
FxPro UK Limited Regulated by UK FSA and Listed on LSE
On that announcement I also released that FxPro was about to be listed on LSE.
Well, today I got a tip that FxPro had withdrawed from the IPO so I put myself inmediately in contact with FxPro to look for a public statement.
Here you have what I just got from them:
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“Dear Francesc,
I can confirm that FxPro’s IPO has been postponed (not cancelled). The reason for the postponement is market conditions: investors are still unsure of where the global economy will go and we will revisit our plans to IPO when market conditions improve. The Company was not looking to raise any new money in the IPO due to its strong cash generation but the Directors believe that there are significant reputational benefits to be gained from being a public company, as well as offering investors exposure to a high growth, profitable company in a dynamic sector. FxPro is not alone in IPO’s of quality companies that have been postponed due to the challenging market conditions.
Our fundamentals remain strong. FxPro has no debt, is not private equity backed and is highly cash generative. Last year saw after-tax profits of £9.6m on trading revenues of £34.1m, up from £4.8m in net profits and £18.5m in trading revenues the year before. FxPro has a truly global footprint with over 17,000 active clients from 120 countries, and has strong brand recognition through our partnerships with Virgin F1, Fulham FC, Aston Villa FC, and the WRC.
Kind regards
George Xydas
Director – International Operations
FxPro”
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Francesc
We are a group of investors and broker cheated from FXPRO, we hope they will get fined from FSA and CYSEC and that market will know what really is the “reputation” they are speaking with, we always wrote to George Xydas and we never get an answer for really serious matter they will answer directly to regulators like plug in software used to requote customers and stop customers to make profit till the trades was not going against them, and many other well known methods used by MT4 market makers.