| Thian claims shareholder backing at Payzone |
|
|
| Tuesday, 05 February 2008 | |
|
Chairman Bob Thian at payment system operator Payzone has said that a majority of shareholders have called for a meeting to formally dismiss the firm’s CEO and CFO.
Payzone is the largest branded independent network of retailer payment outlets in the UK with a network of over 30,000 locations. The company's network enables people to pay their rent and energy bills electronically in shops. The ATM firm is the result of a merger last year between the Irish payment firm alphyra Holdings Limited and the British firm Cardpoint. Nagle and Williamson both joined the firm from alphyra, while the rest of the board consists of former Cardpoint managers. Letter Thian issued a surprise statement in December announcing the departure of John Nagle, the firm’s CEO, and John Williamson, its chief financial officer. The chairman was allegedly angry over a letter written by Nagle, one of Ireland’s best-known businessmen, in which he criticised Thian's activities. Thian in turn accused Williamson of misconduct over an alleged failure to provide financial information. Last week the High Court of Ireland granted Nagle and Williamson an interlocutory injunction, after the two executives successfully claimed that the firm had not followed fair and proper procedure. The injunction prevents the company from treating them as being dismissed pending the outcome of a full hearing, a date for which has yet to be determined, but likely to be in the coming months. Extraordinary General Meeting Payzone said that shareholders representing approximately 60 per cent of the paid up share capital and total votes that may be cast at the relevant Extraordinary General Meeting (EGM) have called for EGM for the purpose of removing Nagle and Williamson. Balderton Capital, Payzone’s largest shareholder which owns 40.5 per cent of the shares of the company, said it supported the decision of the board. The two executives, who represent around 10 per cent of the company’s shares, in turn asked for an EGM for the purpose of removing Thian as a director of the company. The firm said it would contact all shareholders within the next 21 days to notify them of an EGM to consider the resolutions which is expected to take place in early March. Committee In light of the High Court order, Payzone (LSE:PAYZ) has formed a committee to deal with the operational matters of the group. This committee will initially be comprised of Peter Smyth, David Golden, David Mills, Jerome Misso and Mark Evans who will act as chairman of the committee. The committee will work in consultation with Nagle and Williamson in respect of the management of the group's operations. Misso was appointed as a non executive director of Payzone at a board meeting held on Friday 1 February 2008. The company said its shares likely to remain suspended pending the release of a trading update in due course. Related articles
Related links |
Subscribe to our weekly newsletter for top jobs, news and more 
Digg it! 
del.icio.us 
Newsvine 
Reddit 
Stumble It! 
As the economy hits the most significant downward cycle in 50 years, finance directors must take stock of their companies' remuneration and compensation packages. 