Shares digital

Shareholders in bill payment and ATM provider Payzone (PAYZ:AIM) will be called to an emergency meeting in March to vote on removing CEO John Nagle and CFO John Williamson.

The board of Payzone, which was created from the merger of Alphyra and Cardpoint in December 2007, announced in mid January that the directors had left the company. It is understood that they were blamed for the share price falling 39% since the merger.

An Irish court has since granted the directors a temporary injunction, stopping them from being sacked until a full hearing could be held.

A group of rebel investors accounting for 60% of Payzone’s issued share capital have backed the board’s original motion. They have called an EGM so other shareholders can vote on the management change. A separate group of investors holding at least 10% of shares have tabled a resolution to remove executive chairman Bob Thian from office.

Shares says: Payzone’s shares have been suspended since 17 January and are likely to stay off trading until the management power struggle is resolved.

by: Dan Coatsworth