Payzone CFO and CEO ousted

Payzone, the electronic payments firm, yesterday voted to sack the chief
financial officer, John Williamson and chief executive John Nagle, at an
extraordinary general meeting yesterday.

The move follows a boardroom rift at the company, formed by the merger in
2007 between Alphyra and Cardpoint. It has been almost two months since the
first attempt to oust them by chairman Bob Thian reports, the Irish

The first attempt saw victory for the directors who were dismissed but
reinstated following a hearing at the High Court.

The disputes between Nagle and Thian followed a deterioration in the
relationship between Nagle and Alphyra’s biggest investor, venture equity house,
Balderton Capital. Balderton, who have a 40% stake in the company, last year
sought an exit from it’s investment in the company and voted to remove the

There was an 83% majority vote to remove Nagle and 82.4% voted to part
company with Williamson at the EGM. However the proposal to remove chairman
Thian was rejected only receiving a 27% vote.

Payzone’s CFO has agreed a financial settlement thought to be in the region
of EURO 100,000 in relation to legal damages to his reputation.

Nagle, who founded Alphyra 20 years ago, has rejected a similar offer and has
said he was ‘very disappointed’ at the result. Nagle plans to pursue the matter
in court saying: ‘I intend to make sure they are held accountable for their
actions’, adding ‘I have the will and means to pursue that with them’.

Stocks of the company, which are traded on AIM, have been suspended since
January 17th and will remain out of action until a trading update scheduled for
later this week.

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