Payzone in talks to sell European businesses

Payzone in talks to sell European businesses

Irish ATM and payments network operator Payzone says it is evaluating approaches for its Spanish, Italian and French businesses.

In a statement responding to press speculation, the firm says: "The board of Payzone and its advisers are evaluating these proposals to determine whether they are in the best interests of shareholders."

The company says there is no guarantee talks will lead to a deal and it will make a further announcement when appropriate.

Payzone shares were down 10.4%, or 1.25 pence, at 10.75 pence in afternoon trading.

Its shares have been struggling since the stock resumed trading on London's AIM market in May after being suspended in January following a power struggle that saw former CEO John Nagle and CFO John Williamson ousted from the board.

When trading resumed, stock immediately plummeted 60.21%, or 28.75 pence, to 19.00 pence after the company it said it expected to make a pre-tax loss of EUR30 million for the year ending 30 September 2008, claiming business was impacted by "a challenging trading period and the integration of the Cardpoint and alphyra businesses".

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