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'Business as usual' says Payzone boss.

Payzone insists it is business as usual for its retail customers, despite a bitter row over the ousting of two of the company's directors.

Shareholders in the electronic payment provider have called an EGM next month following a Dublin High Court ruling that the terminations of the contracts of CEO John Nagle and CFO John Williamson were invalid.

Payzone was formed last year through a reverse takeover of OK cash machine operator Cardpoint by Payzone operator Alphyra. Last month Bob Thain, who had been chairman of Cardpoint, announced Nagle and Williamson had left the company and that he was to assume executive responsibility.

But Nagle and Williamson challenged the decision through the courts in the Republic, where Payzone is based. They are nowbringing further proceedings against Payzone for damages relating to breach of contract and for malicious falsehood.

Shareholders have called a meeting on 10 March to discuss a resolution calling for the removal of both men.

UK retailers would not be affected by the turmoil, assured Payzone UK MD Paul Charmatz. "The business is firmly focused on providing retailers and consumers with a first class service and growing our transaction volumes," he said.
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Article Type:Brief article
Geographic Code:4EUUK
Date:Feb 23, 2008
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