Payzone Plc – Completion Of Restructuring And Resignation Of Nominated Adviser. 9th 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

Last changed: Sep 09 2011 at 11:32 AM