|
Friday, 20 March 2009 – NEOVIA Financial Plc (LSE: NEO) (NEOVIA or the Company), the independent global online payments business, provides a further update on the IDTFS acquisition following its statement made on Friday 13 March.
The Company announces that the proposed acquisition of IDT Financial Services Holdings Limited (“IDTFSH”), which was announced on 1 December 2008, will not be proceeding. The Gibraltar Financial Services Commission (“FSC”) has advised the Company that it is unable to consent to the acquisition. The Company anticipated that the FSC related condition to the proposed acquisition would be achieved within a number of months of announcement of the transaction. The Company has co-operated fully with the FSC and made every effort within its power to satisfy this condition. However, a substantial underlying shareholder of the Company, who under Gibraltar banking law was to become a controller of IDTFSH and about whom information therefore needed to be provided to the FSC in connection with the approval process, refused to provide the requisite notification to the FSC. The FSC has in these circumstances determined that while it does not have any objections to the proposed acquisition of IDTFSH by NEOVIA, it is unable to consent to the change of control of IDTFSH from IDT Corporation to NEOVIA.
The Company is currently reviewing this situation in conjunction with its advisers and will provide a further update to shareholders in due course. The Company continues to investigate strategic opportunities arising from the current economic conditions and which the Group is well placed to capitalise on.
As previously announced, NEOVIA expects to release its 2008 full year results on or around Thursday 23 April 2009. |
