EHS Investments Issues Public Statement on CAB Payments

NEW YORK, Oct. 29, 2026 /PRNewswire/ -- EHS Investments, a shareholder of CAB Payments Holdings plc (LSE: CABP) ("CAB Payments", "CAB" or the "Company"), today issued the following statement:  

As a beneficial owner of just under 1.0% of CAB Payments, EHS opposes the possible offer by funds managed by Helios Investors V, L.P., Helios Investors V (Mauritius), L.P., Helios Fairfax Partners Corporation, Helios Investors III, L.P. and Helios Investors III (A), L.P. (together the "Helios Consortium") and believes that the current proposal substantially undervalues the Company¹.

CAB continues to execute well against its strategic plan: scaling its network, diversifying its revenue mix, streamlining costs, investing in technology, and developing new customer segments and product offerings. This progress is reflected in consistent growth across key operating metrics, including active clients, network counterparties, and payment volumes. While outsized currency volatility has masked these results in recent years, CAB Payments has now reached an important inflection point, with the momentum of its underlying progress translating into demonstrably strong financial performance as evidenced in recent interim results.

Based on an analysis of the Company's medium-term targets, EHS believes CAB Payments can deliver adjusted earnings per share ("EPS") of 15 pence or more by 2028, restoring earnings power to levels previously reached in 2022 and representing approximately 30% compounded annual growth from 2025 levels.² The Helios Consortium offer price would effectively value CAB Payments at just 5x 2028E earnings, excluding the Company's current stated excess capital position.³ This represents a substantial discount to relevant peers, including Corpay, Inc. and StoneX Group Inc. ("StoneX"), despite a superior earnings growth outlook, and a discount to the average valuation of CAB over its own history as a public company.⁴

CAB's compelling growth profile is further enhanced by the initiation of a substantial capital return program. Based on the Company's stated capital management framework, EHS estimates that CAB Payments could potentially return over 25% of its current market capitalization to shareholders over the next three years.⁵

EHS sees few publicly listed companies globally currently offering such a compelling combination of high EPS growth and substantial capital return at a single-digit P/E valuation, while underpinned by a large addressable market, a unique strategic position, and a management team that is delivering.

Rather than stewarding this promising recovery for the benefit of long-suffering public shareholders – who backed the Company at substantially higher share prices during the 2023 IPO – the Helios Consortium is now seeking to acquire the Company at a valuation that materially undervalues its prospects and deprives shareholders of the opportunity to participate in its ongoing recovery and future growth.

The opportunistic nature of the Helios Consortium's approach is particularly evident in its refusal to provide an undertaking in support of StoneX's significantly higher 110 pence offer, while simultaneously asking other shareholders to accept a far lower offer from the Helios Consortium itself. This deeply troubling approach undermines long-term investor confidence in the UK capital markets.

EHS believes substantial value creation remains ahead for the Company and is excited to participate as a shareholder rather than crystallize value through the unattractive possible offer presented by the Helios Consortium.

CONTACT:
Eric H. Su
Email: [email protected]
www.ehsinvestments.com

1. $1.15 per share cash offer
2. Assumes 20% total income ex. NII CAGR (Company medium-term guidance of high-teens to early 20% CAGR) through 2028, £28M of deposit NII through 2028 (EHS assumption based on 3Q26 annualized), 70% fixed vs. variable cost structure split (Company commentary), and a 25% effective tax rate.
3. Excludes £26M of excess capital based on 1H26 pro forma post-dividend CET1 Capital versus 17.5% target (Company commentary).
4. As of 10/26/26 based on Refinitiv IBES consensus estimates; Corpay trades at 11x 2028 EPS with 19% EPS CAGR ('25A-'28E) and StoneX trades at 12x 2028 EPS with 21% EPS CAGR ('25A – '28E). CAB Payments' historical average P/E of 10x next twelve months earnings since its 2023 IPO.
5. Assumes 40% payout ratio of 9p in adjusted EPS in 2026 (EHS estimate) and 5% dividend per share growth thereafter (Company commentary of mid-single-digit dividend growth) as well as £26M of excess capital returned based on 1H26 pro forma post-dividend CET1 Capital versus 17.5% target (Company commentary).

Disclaimer

For ease of reference, EHS Management LLC, Eric H. Su, and certain of their affiliates and controlling persons are collectively referred to herein as "EHS" and "EHS Investments". EHS, is publishing this announcement solely for the information of other shareholders in CAB Payments Holdings plc (the "Company"). This announcement is not intended to be and does not constitute or contain any investment recommendation as defined by Regulation (EU) No 596/2014 (as it forms part of the domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018). No information in this announcement should be construed as recommending or suggesting an investment strategy. Nothing in this announcement or in any related materials is a statement of or indicates or implies any specific or probable value outcome in any particular circumstance. This announcement is provided merely for general informational purposes and is not intended to be, nor should it be construed as (1) investment, financial, tax or legal advice, or (2) a recommendation to buy, sell or hold any security or other investment, or to pursue any investment style or strategy. Neither the information nor any opinion contained in this announcement constitutes an inducement or offer to purchase or sell or a solicitation of an offer to purchase or sell any securities or other investments in the Company or any other company by EHS or any fund or other entity managed directly or indirectly by EHS in any jurisdiction. This announcement does not consider the investment objective, financial situation, suitability or the particular need or circumstances of any specific individual who may access or review this announcement and may not be taken as advice on the merits of any investment decision. This announcement is not intended to provide the sole basis for evaluation of, and does not purport to contain all information that may be required with respect to, any potential investment in the Company. Any person who is in any doubt about the matters to which this announcement relates should consult an authorised financial adviser or other person authorised under the UK Financial Services and Markets Act 2000. To the best of EHS's ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources that EHS believes to be accurate and reliable. However, such information is presented "as is", without warranty of any kind, whether express or implied, and EHS has not independently verified the data contained therein. All expressions of opinion are subject to change without notice, and EHS does not undertake to update or supplement any of the information, analysis and opinion contained herein.

EHS may continue transacting in the shares and securities of the Company, and/or derivatives referenced to them (which may include those providing long and short economic exposure) for an indefinite period following the date of this announcement and may increase or decrease its interests in such shares, securities and/or derivatives at any time.

Forward-Looking Statements

This announcement contains certain forward-looking statements and information that are based on EHS's beliefs, as well as assumptions made by, and information currently available to, EHS. These statements include, but are not limited to, statements about strategies, plans, objectives, expectations, intentions, expenditures and assumptions and other statements that are not historical facts. When used herein, words such as "anticipate," "believe," "estimate," "expect," "intend," "plan" and "project" and similar expressions (or their negative) are intended to identify forward-looking statements. These statements reflect EHS's current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual results, performance or achievements may vary materially and adversely from those described herein. There is no assurance or guarantee with respect to the prices at which any securities of the Company or any other company will trade, and such securities may not trade at prices that may be implied herein. Any estimates, projections or potential impact of the opportunities identified by EHS herein are based on assumptions that EHS believes to be reasonable as of the date hereof, but there can be no assurance or guarantee that actual results or performance will not differ, and such differences may be material and adverse. No representation or warranty, express or implied, is given by EHS or any of its officers, employees or agents as to the achievement or reasonableness of, and no reliance should be placed on, any projections, estimates, forecasts, targets, prospects or returns contained herein. Neither EHS nor any of its directors, officers, employees, advisers or representatives shall have any liability whatsoever (for negligence or misrepresentation or in tort or under contract or otherwise) for any loss howsoever arising from any use of information presented in this announcement or otherwise arising in connection with this announcement. Any historical financial information, projections, estimates, forecasts, targets, prospects or returns contained herein are not necessarily a reliable indicator of future performance. Nothing in this announcement should be relied upon as a promise or representation as to the future. Nothing in this announcement should be considered as a profit forecast.

Permitted Recipients

In relation to the United Kingdom, this announcement is being issued only to, and is directed only at, (i) investment professionals specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the "Order"), (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of the Company or any member of its group may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "Permitted Recipients"). Persons who are not Permitted Recipients must not act or rely on the information contained in this announcement.

Distribution

Not for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of that jurisdiction. The distribution of this announcement in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. EHS disclaims all responsibility where persons access this announcement in breach of any law or regulation in the country of which that person is a citizen or in which that person is residing or is domiciled.

SOURCE EHS Investments