ON FEBRUARY 10th, shareholders in loss-making mobile top-up group Payzone will gather in Dublin for an extraordinary general meeting.

Payzone’s net assets are less than half its called-up share capital, which under Irish company law requires an egm to be held. Payzone’s board might give details of a proposed debt-for-equity swap with its lenders. It has net debt of about €290 million.

On January 14th, Aim-listed Payzone said it was in “constructive discussions” with lenders to “establish a more appropriate long-term capital structure”. Ominously, it added: “Any such new capital structure will likely result in no value for existing shareholders.”

So Balderton Capital, former chief executive John Nagle and others are set to be wiped out.

Payzone had a market value of £200 million-plus after its 2007 IPO. Has anyone told George Lee?