Released: 29/09/2009
com:20090929:Rnsc8096Z
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RNS Number : 8096Z
Payzone plc
29 September 2009
29 September 2009
Payzone plc ("Payzone" or the "Company")
Disposal of mobile top-up businesses in Germany, Poland and the Netherlands
The Board of Payzone is pleased to announce that the Company has reached an
agreement to sell its mobile top-up businesses in Germany, Poland and The
Netherlands. The businesses have been sold to Quam Equity International GmbH,
the owner of ICP Group, a provider of electronic payment systems, payment
terminals and terminal services across Germany, Austria, Switzerland and The
Netherlands.
Payzone's existing terminal maintenance business in The Netherlands and its
German ATM operations are not part of this transaction. Following this
transaction, the Company will no longer have a presence in Poland.
The cash consideration receivable by Payzone for the three mobile top-up
businesses being sold is E2.2m. In addition, the transaction will result in the
release of deposits and financial guarantees totalling E8.9m provided as
security to suppliers of the businesses. The businesses will be sold with cash
balances estimated to be E4.4m on completion. As part of the transaction,
Payzone will retain certain parent company guarantees relating to the businesses
for a transitionary period.
Completion is expected to take place later today. Payzone will use the proceeds
raised by the disposals to reduce debt.
The total net assets of the Payzone German, Polish and Dutch mobile top-up
businesses were valued at E4.01m as at 31 March 2009 and these businesses
contributed E4.71m profit (before exceptional items) to Payzone's pre-tax
profits for the full year to 30 September 2008.
Mike Maloney, Chief Executive, said:
"This is a very pleasing result for Payzone as it provides an exit from non-core
businesses and also reduces the Company's debt. By completing their disposal,
management can concentrate resources on Payzone's key business. Following the
disposal of the Italian, Spanish and French operations in 2008, these disposals
continue our strategy of exiting non-core markets and concentrating on those
that offer significant scale and growth for our services."
Dr. Winfried Jerono, Managing Director of Quam Equity International and CEO of
ICP Group, said:
"This transaction is a milestone in the development of ICP Group to being a full
service provider in the field of electronic payment. In combining Payzone's
mobile top-up businesses in Germany, Poland and The Netherlands and ICP Group,
ICP Group is able to offer its clients a complete product range comprising
hardware, software, electronic cash processing, customer and gift cards as well
as cellular pre-paid solutions. The transaction significantly increases the
market share of ICP Group. Furthermore, the acquisition of the Payzone business
in Poland enables ICP Group to widen its geographic reach into the Eastern
European market for electronic payment solutions which is expected to
significantly grow over the coming years. I am convinced that we have a found
transaction structure that is to the benefit of all stakeholders of Payzone and
ICP Group."
Enquiries
Payzone Tel: +353 1 207
6600
Mike Maloney / Nigel Bell
Rothschild Tel: +44 20 7280 5000
Financial Adviser to Payzone
Ed Welsh / Dev Tanna
Panmure Gordon Tel: +44 20 7459
3600
Nominated Adviser and Broker to Payzone
Hugh Morgan / Stuart Gledhill
Powerscourt Tel: +44 20 7250
1446
Payzone Media Enquiries
Paul Durman / Rory Godson
ICP Group Tel: +49 69 244 326 4201
Dr. Winfried Jerono / Hans Weller
Commerzbank Corporates & Markets Tel: +49 69 136 44 548
Financial Adviser to ICP
Jens Bender / Jorg Leussink
Note
1. The sources of financial data are the Company's annual and interim accounts
for the Polish and German mobile top-up businesses and management accounts for
the Dutch mobile top-up business, due to this business not operating as a
standalone entity during the relevant period.
Responsibility
The Directors of Payzone accept responsibility for the information contained in
this announcement. To the best knowledge and belief of the directors of Payzone
(who have taken all reasonable care to ensure that such is the case), the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.
Rothschild and Panmure Gordon, each of which is authorised and regulated by the
Financial Services Authority, are each acting exclusively for Payzone and no-one
else and will not be responsible to anyone other than Payzone for providing the
protections afforded to their respective clients, or for giving advice in
relation to any matter referred to in this press announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
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