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Optimal Payments Confident On Full Year As Leonoff Clarifies Loan

Mon, 17th Nov 2014 09:49

LONDON (Alliance News) - Optimal Payments PLC's president and chief executive, Joel Leonoff, Monday said the loan and share pledge agreement he made with Equities First Holdings LLC was entered outside of a close period and taken out "for the purposes of liquidity".

Optimal Payments, which facilitates payments between consumers and businesses, saw its shares take a hit on Friday on the back of speculation that Leonoff had secured funding from Equities First, which it confirmed after trading hours. A number of AIM companies' shares, including Quindell PLC, have seen their market values fall due to concern over the share financing deals.

Leonoff made his comments as Optimal Payments released a trading statement in which it said it expects financial results for 2014 to be at least in line with expectations. He said it is his "absolute intention" to repay the loan when it falls due.

Optimal Payments said strong trading from the first half has continued into the second, with its NETELLER and NETBANX businesses delivering "good" revenue growth and profitability in the year to date.

Its confidence for the full year is due to trading in the year to date and takes into account traditionally strong, seasonal trading in December, the company said.

Optimal Payments shares were up 4.4% at 334.05 pence on Monday.

By Samuel Agini;; @samuelagini

Copyright 2014 Alliance News Limited. All Rights Reserved.

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