31st Jul 2015 10:25
LONDON (Alliance News) - Optimal Payments PLC Friday said that regulators are yet to approve its reverse takeover of payments rival Skrill.
AIM-listed Optimal Payments had previously expected the UK's Financial Conduct Authority to make a decision on the EUR1.1 billion takeover by Thursday this week.
Optimal Payments said it now expects the regulator to make a decision no later than August 11. The FCA has told Optimal Payments that it is yet to complete its evaluation of the company's application.
"There are no outstanding information requests from the FCA, and the company remains confident of a positive outcome of this process," Optimal Payments said in a statement.
"Completion of the acquisition is conditional on, amongst other things, the receipt of change of control approval from the FCA, and as at the date of this announcement, the only outstanding material condition to completion is the receipt of change of control approval from the FCA," Optimal Payments added.
Optimal Payments revealed the reverse takeover in March, and said it wants to move to the London Stock Exchange's market from the junior market once the deal completes. It wants to seek a place in the FTSE 250 index of companies.
Optimal Payments shares were down 1.5% at 255.00 pence on Friday morning in London.
By Samuel Agini; [email protected]; @samuelagini
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