Duke Street will invest ?45m and take a controlling stake in the electronic payment and ATM business. Debt owing to the banks will be reduced from ?320m to ?82m.

Current shareholders will have no ongoing interest. AIM trading in the company's shares was suspended today (Feb 8) and is expected to be cancelled following completion.

CEO Mike Maloney said, 'The transaction will bring to a conclusion a period of restructuring that included the sale of the company's German, Polish and Dutch Mobile Top-Up businesses and the sale of its Dutch Electronic Funds Transfer business.

'Regrettably, it has not been possible to provide existing shareholders with an ongoing interest in the business.'

Story provided by Business Financial Newswire