PAYNOVA SUPPLEMENTS FINANCING
Paynova has made up for a shortfall in financing from unsubscribed options with a targeted new share issue worth approximately SEK 10 million. The supply of capital and the financing plan have thus been recovered and adapted to the company’s evaluated capital requirements.
The new share issue is subscribed in full provided the extraordinary general meeting approves it. The Board believes that the requisite majority will be obtained. An extraordinary general meeting has been planned for the end of February 2005.
The issue is based on the average share price over the last ten trading days, which is SEK 6.90 per share. After costs associated with the raising of capital and share issues, Paynova stands to gain approximately SEK 10 million. Once the issue of up to 1,750,000 shares has been registered, the total number of shares in Paynova will amount to 14,923,210, including 242,240 shares from a conversion of promissory notes that has not yet been registered with the Swedish Companies Registration Office (Bolagsverket).
Paynova has also been granted an overdraft facility of SEK 5 million by Handelsbanken.
For further information, contact:
Peter Enström, Chairman of the Board, Paynova AB
Tel: + 46 (0)70 - 574 99 82, e-mail: peter.enstrom@soderlind.se
Johan Waxberg, CEO, Paynova AB
Tel: +46 (0)70 - 688 02 47, e-mail: johan.waxberg@paynova.com
www.paynova.com
About Paynova
Paynova (listed on NGM: PAY) is a Payment Service Provider (PSP) with a complete transaction processor offering several services/forms of access for payments and other transfers via the Internet.
The payment services focusing primarily on the Travel, Media and Retailing sectors include the Paynova Wallet, Large Enterprise Services, Mobile Services, Partner Network Services and Payout Services. Transactions are processed between e-retailers, consumers, banks and other players rapidly, simply, securely and cost-effectively.
Paynova’s transaction processor and payment services are linked, together with traditional banks, card companies and other PSPs, to a comprehensive financial infrastructure with both geographical cover and options for minimising transaction costs.
Paynova’s Partner Network includes well-established Internet banks, card companies (VISA, MasterCard etc.), PSPs and other similar players (GZS/easycash, Paybox, TripleDeal, WM-DATA etc.). Via VISA and MasterCard, Paynova can connect transactions globally with more than 20,000 banks. Paynova’s current market focus is Europe.
Important agreements have been signed with, for example, Ryanair, SJ, Swebus Express and CD-WOW.