Further re Acquisition

30 Mar 2007 16:01

Datacash Group PLC30 March 2007 30 March 2007 DataCash Group plc ("DataCash" or the "Company") Proposed Acquisition of NetGiro Systems AB ("NetGiro") On 26 February 2007 the Board of DataCash announced that it had been informedthat the Extraordinary General Meeting of NetGiro International AB ("NetGiroInternational"), which was due to be held on 26 February 2007, had beenadjourned until 30 March 2007 and that this had been done to allow the Board ofNetGiro International time to consider an alternative proposal which it hadreceived. The Board of DataCash has been informed by NetGiro International today that theExtraordinary General Meeting reconvened for today has been held but that therequisite majority required to pass the resolution to amend the articles ofassociation of NetGiro International has not been achieved. NetGiroInternational has also informed DataCash that it believes that the closingconditions under the share purchase agreement entered into between the Companyand NetGiro International on the 8 February 2007 (the "SPA") will not besatisfied by the long stop date under the SPA. The Company is clarifying the position with NetGiro International but given theoutcome of the Extraordinary General Meeting it appears unlikely that theCompany's proposed acquisition of NetGiro will proceed. The Company is taking advice from its lawyers as to the legal remedies that areavailable to it arising out of the conduct of NetGiro International and one ofits shareholders in the period leading up to the Extraordinary General Meetingand at the Extraordinary General Meeting itself. A further announcement will be made in due course. Enquiries DataCash Group plc David Bailey - Deputy Chairman 0870 7274760 Keith Butcher - Commercial Director 0870 7274760 Paul Burton - Chief Financial Officer 0870 7274760 MJ2 Business Communications Alice Proctor / Tim McCall 020 7491 7776 / 07958 167 119 This information is provided by RNS The company news service from the London Stock Exchange