Payzone calls EGM to oust Nagle and Williamson

Payzone calls EGM to oust Nagle and Williamson

Troubled Irish e-payments firm Payzone says at the request of 60% of its shareholders, it is calling an extraordinary general meeting (EGM) to approve the removal of CEO John Nagle and CFO John Williamson from the company.

In a statement Payzone also says a separate group holding 10% or more shares have called for the removal of its chairman Bob Thian.

Payzone says it will contact all shareholders within the next 21 days to notify them of the EGM, which is expected to take place in early March.

The statement comes just days after Nagle and Williamson won a High Court judgment in Dublin stating that they were wrongfully dismissed from the company in January and that they must be reinstated.

Nagle and Williamson had earlier secured a temporary injunction against their dismissal by Payzone.

The pair took the company to court following an attempt to oust them on 16 January. At the time Payzone released a statement saying Nagle and Williamson - both previously with Alphyra - "have left the company" and that Thian, formally boss of Cardpoint, was assuming "executive responsibility".

Payzone said its largest shareholder Balderton Capital, which holds a 40.5% stake in the company, supported the decision to oust Nagle and Williamson.

Shares in AIM-listed Payzone - which was created by the merger of Ireland's Alphyra and British ATM operator Cardpoint - have been suspended since 17 January. The vendor says the shares are likely to remain suspended "pending the release of a trading update in due course".

In light of the High Court order Payzone has formed a committee "to deal with operational matters".

The committee will work in consultation with Nagle and Williamson in respect of the management of the group's operations, says Payzone.

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