(Alliance News) - Mobile payments provider Mi-Pay Group PLC said Friday it is yet to receive a research & development tax credit of GBP300,000 for 2018, as HM Revenue & Customs sent a letter to the company requesting for more information.
Mi-Pay said it expected to receive the credit in October, and said it has no reason to believe the tax credit won't be paid, but made no guarantees to the timing of the payment or the final outcome.
Should the tax credit payment be delayed or cancelled, Mi-Pay will need to either secure further funding or undertake cost reduction measures before the end of the first quarter of 2020. To this end, the company is in discussions with existing and new investors for a potential equity fundraise.
Shares in Mi-Pay closed 20% lower at 6.00 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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