On 28 September 2007 Cardpoint and alphyra announced that they had agreed the terms of a Merger of Cardpoint and alphyra, to be effected through the completion of the Acquisition Agreement and the Scheme of Arrangement as described in that announcement.
Payzone is pleased to announce that the alphyra Acquisition has now completed, the Scheme of Arrangement has now become effective and accordingly the Merger has been completed. Payzone now owns the entire issued share capital of alphyra and Cardpoint and is operating and trading under the name of Payzone.
The London Stock Exchange cancelled the trading of the Cardpoint Shares on AIM with effect from 8.00 a.m. today, the time at which the Payzone Shares were admitted to trading on AIM and commencement of dealings on AIM in Payzone Shares began. The latest date for the despatch of share certificates in respect of the Payzone Shares is 19 December 2007.
Payzone chairman Bob Thian said: "I am delighted that we have been able to complete the merger in just over two months. We will now be concentrating on delivering our plans to create additional shareholder value."
Payzone CEO John Nagle said: "We are very excited by the future of Payzone and aim to develop the company into a leading consumer payments and cash distribution group."