2nd Jan 2019 13:49
LONDON (Alliance News) - eServGlobal Ltd said Wednesday its executive chairman is moving to a part-time role as it is now fully prepared for the divestment of its core business and has funding in place to meet ithe capital requirements of its joint venture with Mastercard Inc.
eServGlobal offers transaction services, such as business analytics and digital wallets, which comprises its core business. The company is presently in talks to sell this business and said it is "well prepared for divestment".
The firm also has a joint venture with Mastercard known as HomeSend, which allows cross-border money transfers. It said it has funding in place to meet its contribution to the capital requirements of HomeSend.
As such, Executive Chairman John Conoley has moved to a part-time role and his fixed remuneration has been halved to GBP130,000 per year. eServGlobal said there is no compensation payable for this salary reduction.
In December, eServGlobal announced that its revenue for 2018 is likely to be lower than expected, in the range of EUR7.0 million to EUR7.5 million as some of its orders have "slipped into 2019".
Shares in eServGlobal were trading down 2.6% at 4.82 pence in London on Monday.
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