Mi-Pay Group PLC Update re R&D tax credit (4185U)
2019年11月23日 - 12:02AM
RNSを含む英国規制内ニュース (英語)
TIDMMPAY
RNS Number : 4185U
Mi-Pay Group PLC
22 November 2019
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
22 November 2019
Mi-Pay Group plc
('Mi-Pay', the 'Group', or the 'Company')
Update re R&D tax credit
Mi-Pay (AIM: MPAY), a leading provider of digital
transformation, mobile payment and payment fraud management
solutions to Tier 1 Mobile Network Operators, Mobile Virtual
Network Operators and digital content providers, announces an
update on the receipt of a research and development tax credit.
In its interim results for the period ended 30 June 2019, the
Company announced that it expected to receive a research and
development tax credit of approximately GBP0.3 million in respect
of 2018 during October 2019, based upon the Company's experience in
previous periods. The Company is yet to receive the tax credit and
has today received correspondence from HMRC requesting further
information before it can process the Company's tax credit. At this
stage the Company has no reason to believe that the tax credit will
not be paid however there is no guarantee as to the timing or final
outcome.
As at 31 October 2019, the Company had cash and cash equivalents
of GBP3.0 million, of which GBP2.7 million related to the
management of client payments. Should the tax credit be materially
delayed, reduced or unsuccessful, the Board of Mi-Pay considers
that the Company will be required to secure further funding or
undertake certain cost reduction measures before the end of Q1
2020. To that end, the Company is in discussions with existing and
new investors, regarding a potential equity fundraise, which it
hopes to complete in the near future.
Further announcements will be made in due course.
As previously announced, the Board of Mi-Pay continues to
proactively review opportunities to enhance the Company's growth
prospects and take advantage of the flexibility and commercial
strength of the Company's services to deliver enhanced growth
through organic or inorganic development.
For further information, please contact:
Mi-Pay Group plc Allenby Capital Limited
Tel: +44 207 112 2129 Tel: +44 203 328 5656
Michael Dickerson, Chairman James Reeve
John Beale, CEO Asha Chotai
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END
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