20th Mar 2009 15:40
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Press release |
For immediate release |
NEOVIA Financial Plc
Update on IDTFS acquisition
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.
For further information contact:
Andrew Gilchrist + 44 (0) 1624 698 713
VP Communications, NEOVIA Financial Plc
Email: [email protected]
Citigate Dewe Rogerson + 44 (0) 207 638 9571
Sarah Gestetner / George Cazenove
Daniel Stewart & Co Plc + 44 (0) 207 776 6550
Paul Shackleton
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About NEOVIA Financial
Trusted by consumers and merchants in over 160 countries to move and manage billions of dollars each year, NEOVIA Financial Plc (formerly NETELLER Plc) operates the world's leading independent online payments business. Through its Payment Suite, featuring NETELLER®, NETBANX®, Net+™ and 1-PAY™ brands, NEOVIA Financial specialises in providing innovative and instant payment services where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Being independent has allowed the company to support thousands of retailers and merchants in many geographies and across multiple industries.
NEOVIA Financial Plc is quoted on the London Stock Exchange's AIM market, with a ticker symbol of NEO. Subsidiary company NETELLER (UK) LTD is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about NEOVIA Financial visit www.neovia.com or contact us by email at [email protected].
NEOVIA Financial Plc recently changed its corporate identify from NETELLER Plc to better reflect the strength and breadth of its individual product brands. At the same time its ticker symbol changed from NLR to NEO.
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