20th May 2016 10:45
LONDON (Alliance News) - Boxhill Technologies PLC said Chief Executive Officer Phil Jackson will step down from the board with effect Friday to concentrate the development of the business, with Timothy Razzall becoming executive chairman until a successor is found.
Once a new chief executive is appointed Razzall will revert to non-executive chairman.
The lottery administration and payment processing products company said it has made "considerable progress" since it had announced it was extending its financial year end to end-January to help resolve an accounting issue back in February.
In February, Boxhill explained that it had acquired PayCorp Ltd in 2013, but had subsequently become aware of an outstanding VAT liability of GBP1.2 million within PayCorp. It was unable to "satisfactorily" address these issues during the last year, and said this would have resulted in a disclaimed audit opinion for its accounts for the year to end-July.
In order to address this, the company took several steps. It transferred the operating business of PayCorp out of the PayCorp entity within the wider Boxhill group in January and transferred its 100% shareholding of the PayCorp entity into a non-group company at the same time. It then extended its financial year to end-January.
Boxhill said that the former subsidiary PayCorp was subject to a consumer awareness notice from the Financial Conduct Authority in relation to the alleged undertaking of activities requiring FCA authorisation. Boxhill has been in talks with the FCA, and the FCA has agreed with its position that the activities of PayCorp were not of a nature requiring authorisation. As such the 'unauthorised' status of PayCorp has been removed from the FCA register.
The company's shares remain suspended pending its audited accounts for the eighteen months to end-January. It expects to report these accounts before the end of May.
Elsewhere, the company said its FreePayMaster Ltd business is launching a new set of services Friday including accounts for individuals and business, peer-to-peer and alternative payments, access to foreign and crypto currency exchanges and wire and mass payment services.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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