Completion of Restructuring
09 Avril 2010 - 1:44PM
UK Regulatory
TIDMPAYZ
RNS Number : 9695J
Payzone plc
09 April 2010
9 April 2010
Payzone plc - Completion of Restructuring and Resignation of Nominated Adviser
Payzone plc (the "Company") today announces that the Restructuring of the Group
through the disposal of its subsidiaries was completed on 9 April 2010.
On 5 February 2010, Payzone announced that agreement had been reached on the
terms of a debt and share capital restructuring to provide the business with a
more appropriate long-term capital structure. The restructuring was implemented
by means of a disposal of Payzone's subsidiaries to a newly formed company. The
Group's banking syndicate appointed Alan Hudson, David Hughes and Niall Coveney
of Ernst & Young LLP as joint receivers to the Company under the terms of the
security agreements.
Following the completion of the restructuring, the Company's Nominated Adviser
and broker, Panmure Gordon (UK) Limited, has resigned with immediate effect.
If the Company fails to appoint a replacement Nominated Adviser within one
month, the trading of its securities on the AIM market of the London Stock
Exchange will be cancelled at 7.00am on 10 May 2010.
Enquiries:
Media Enquiries
Powerscourt Tel:
+44 20 7250 1446
Rory Godson/Paul Durman
Nominated Adviser and Broker
Panmure Gordon Tel: +44
(0) 20 7459 3600
Hugh Morgan/Stuart Gledhill
This information is provided by RNS
The company news service from the London Stock Exchange
END
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