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Zamano's shares plummet as it struggles to stay afloat

Fri, 03rd Feb 2017 09:28

(ShareCast News) - Zamano, an AIM-listed European provider of interactive applications and services to mobile devices, has announced that it may have to close down its dwindling business operations in order to protect its cash position.Since the company's launch of Payforit, a joint initiative of mobile network operators (MNOS) in the UK to regulate mobile payments, in November 2016, the service has had an on-going and significant impact on the group's business performance.The company has however seen a reduction in performance across all its business lines and has not been able to secure any replacement revenue through new subscribers.Certain MNOs in Ireland are also now requiring all service and payment flows to use similar rules to Payforit in the UK which the company feels will impact its ability to gain new customers in Ireland.The company has taken steps to reduce the cost base of the business since Payforit's implementation, ceasing all ongoing merger and acquisition discussions and focusing on maximising cash-flow from its existing business in the UK, Irish and International markets.Despite the cost reduction methods the group feels it's increasingly likely that the impact of regulatory changes across the group's business lines will prevent the company from maintaining a cash-flow positive trading position going forward.As a result, it feels it is necessary to formally wind down the existing business lines in order to protect the cash position on the balance sheet. It is also considering alternative strategic options. If a timely alternative can not be found the group will look to monetise its UK/Irish listing and make a distribution back to shareholders.Chairman Colin Tucker said: "The Zamano Board is focused on conserving the company's strong cash position by optimising our withdrawal from our existing business lines. The on-going regulatory changes in our industry have forced our hand earlier than anticipated. We are hopeful in relation to our strategic discussions, however in the absence of concluding a transaction which shareholders approve, we will focus on how best to return the maximum amount of cash possible to shareholders."The share price fell 26.32% to 3.50p at 1109 GMT on Friday.

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7 Sep 2018 16:23

Zamano Delists Shares As Fails To Complete Buyout After Suspension (ALLISS)

LONDON (Alliance News) - Zamano PLC said Friday that its shares will be delisted from trading on London's AIM Market after it failed to make an acquisition within six months from its cash were

13 Aug 2018 15:40

Zamano Reverse Takeover Off As Counterparty Ends Discussions

LONDON (Alliance News) - Mobile technology company Zamano PLC said Monday the unnamed counterparty, which it was in discussions over a potential reverse takeover, has notified the company it to to

9 Jul 2018 17:50

Zamano Remains In Discussions Regarding Potential Reverse Takeover

LONDON (Alliance News) - Zamano PLC said Monday it has continued talks and remains in on-going negotiations with an unnamed party regarding the potential reverse takeover.The mobile company

9 May 2018 15:51

Valkendorf Now Has 9.1% Holding In Cash Shell Zamano (ALLISS)

LONDON (Alliance News) - Cash shell Zamano PLC on Wednesday said Copenhagen-based Valkendorf ApS now has a 9.1% stake in the company.Zamano did not disclose Valkendorf's interest prior

27 Apr 2018 12:06

Zamano To Develop New Business Following Operating Units Disposal

LONDON (Alliance News) - Zamano PLC on Friday said that it withdrew from its existing business lines and is in talks with a potential investor to develop new business.The mobile and has hit

6 Mar 2018 12:37

Cash Shell Zamano Shares To Be Suspended As It Fails To Make Purchase

LONDON (Alliance News) - Zamano PLC shares will be suspended from trading in London on Friday as the cash shell has not been able to make an acquisition a

25 Nov 2016 16:01

Zamano Starts Redundancy Programme As UK Business Hit By Payforit

25 Aug 2016 13:08

Zamano notes mixed H1 trading, upbeat on sales and cash generation

(ShareCast News) - Zamano said its overall trading was mixed in the first half, but noted significant increases in both sales performance and cash generation. "This was offset by falling margins due to increased investment in advertising, a changing sales mix in the UK and some foreign exchange head

4 Aug 2016 12:25

Zamano to focus on bolt-on acquisitions

(ShareCast News) - AIM-listed Zamano said on Thursday that it will look to make bolt-on acquisitions as it repositions the business into higher added-value, growth orientated activities. In a statement ahead of its annual general meeting, Zamano said a strategic review carried out on behalf of the c

10 May 2016 16:27

Zamano CEO Ross Conlon resigns

(ShareCast News) - Zamano CEO Ross Conlon tendered his resignation with immediate effect this week, with the company saying he was leaving to pursue other interests. Conlon joined the AIM-traded firm in 2007 as part of its acquisition of Red Circle, and had held a number of senior roles prior to his

10 May 2016 14:30

Zamano Chief Executive Ross Conlon Resigns To Pursue Other Interests

10 Mar 2016 10:38

Zamano Posts 2015 Profit Rise, Eyeing Potential Acquisitions

4 Nov 2015 17:49

Zamano Chairman To Step Down In Spring 2016; Revenue Up

23 Oct 2015 08:08

Zamano says offer talks have ended

(ShareCast News) - Zamano said the talks it had entered into in August regarding a possible takeover offer have been terminated. On 3 August, the mobile payments and marketing company announced that it had received a preliminary and highly conditional approach regarding a possible offer at a price o

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