Shares in Dublin-based Payzone fell by 1p in London yesterday on its first day of trading following the merger of Irish e-payments group Alphyra and UK ATM operator Cardpoint.
Payzone made its debut yesterday at 76p on the Alternative Investment Market but closed at 75p following light trading. Slightly more than 78,000 Payzone shares changed hands yesterday.
The merger of Alphyra and Cardpoint was announced on September 28th. Cardpoint's stock market listing was cancelled as a result of the deal.
Commenting on the merger, John Nagle, Payzone's chief executive, said: "We are very excited by the future of Payzone and aim to develop the company into a leading consumer payments and cash distribution group."
On admission, Alphyra shareholders owned 59.05 per cent of Payzone, with Cardpoint owning the balance. In a presentation to investors and analysts yesterday, Payzone said it handles 630 million transactions annually with a value of €13.4 billion.The merger it expected to achieve annualised cost savings of €6.5 million within 24 months.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)