Completion of Restructuring


 

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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