Sale of ETU
March 05 2007 - 2:04AM
UK Regulatory
RNS Number:2875S
Cardpoint PLC
05 March 2007
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF
AMERICA, CANADA, AUSTRALIA OR JAPAN
5 March 2007
Cardpoint plc ("Cardpoint" or the "Company")
Announcement of the sale of Electronic Mobile Phone Top Up Business
Cardpoint, the market leader in the independent cash machine sector, today
announces that it has agreed the sale of its Electronic Mobile Phone Top Up
business ('ETU Business') to Alphyra UK Limited ('Alphyra').
As referred to in the Cardpoint 2006 annual report, the ETU Business has never
benefited from the economies of scale of the larger competitors in this market
and it has therefore been difficult to expand the business. The ETU Business
does not make a material financial contribution to Cardpoint and does not
complement the cash machine business. It has therefore been regarded as a non
core activity and the Company has been looking for a purchaser for the business
which would represent a more suitable partner to take it forward. The
acquisition of the ETU Business by Alphyra provides the ETU Business with
on-going stability and continued strong support for future activities and
developments as part of the UK's largest branded network for payments and
collections with terminals in over 25,000 retail outlets around the country.
Proceeds from the sale of an initial consideration of #0.7m and anticipated
deferred consideration of #0.7m, will be used to reduce the net borrowings of
Cardpoint.
Enquiries:
Cardpoint plc Telephone: 01253 361300
Bob Thian, Chairman
Robin Gregson Finance Director
Financial Dynamics
Ben Brewerton Telephone: 020 7269 7279
This information is provided by RNS
The company news service from the London Stock Exchange
END
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