Friday 15th December 2017 |
Text too small? |
Australian investment firm Pemba Capital Partners won't go ahead with plans to buy payment terminal provider Smartpay Holdings for $40.4 million after wrapping up due diligence.
The Sydney-based firm put forward an indicative offer of 23.5 cents a share in August and was granted due diligence access last month, but today ended its pursuit of the payments company. The shares dropped 8.7 percent, or 2 cents, to 21 cents.
"For Smartpay it is very much business as usual, with no change to our strategy, as the company looks to continue to deliver on value creation opportunities in front of us," chair Greg Barclay said in a statement.
Last month Smartpay reported a first-half profit of $900,000 as lower wages offset a drop in sales when its development focused on internal projects rather than external products that could then be sold.
(BusinessDesk)
No comments yet
SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills
GTK - Half-Year Results Announcement Date
Government ends war on farming
Sky and BBC Studios renew expanded, multi-year agreement
AOF - Q1 Improved Trading Performance & FY24 Guidance Maintained