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Hertford International Group

  • BY: Andrew Hore |
  • POSTED: 05/11/2009 |

Shares in Hertford International Group have been suspended because of a dispute over deferred consideration for Cheque Exchange Ltd.

There is a dispute between pre-paid debit cards marketer Hertford and Cheque Exchange’s former owner Provident Financial. Cheque Exchange has been the UK super agency for MoneyGram since 2000.

The shares have been suspended because the financial impact of the dispute on Hertford can’t be gauged.

Prior to the suspension the shares rose 0.25p to 4p each, which values Hertford at £1.94m.

Hertford was supposed to be paying a total of £3m for Cheque Exchange. The initial payment was £1.25m, with a further £1.25m payable six months later in July 2009. The other £500,000 should be paid in two instalments of £250,000 in January 2010 and January 2011. It is not clear if the July payment has been made because it was due after the most recent reported figures. 

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