News blog
Hertford International Group
- BY: Andrew Hore |
- POSTED: 26/04/2010 |
Hertford International Group has finally admitted that it does not own Cheque Exchange any more.
Hertford disagrees with Provident Financial over the size of the deferred payment but the situation is pretty much as Provident described it other than Hertford says that Cheque Express “was transferred back from Hertford to Provident on a mutually agreeable basis”. Hertford does not mention a date when this agreement happened.
Provident says that it “exercised its charge over the ordinary shares and regained control of Cheque Exchange Limited on 1 November 2009”. Not necessarily that different.
Cheque Exchange was bought as a way to increase the number of the company’s pre-paid debit card customers. This pre-paid debit card business has been unsuccessful and the board does not believe that it can be the sole activity of the company.
The trading subsidiary is being liquidated and Hertford has entered into a joint venture with Prepaid Financial Solutions to market its pre-paid debit card.
Hertford believes that it has expertise in payment systems and card technology and considers that this can be used in the leisure industry. The announcement talks about “significant identified opportunities”.
A Company Voluntary Arrangement is planned. This will pay unsecured creditors 2p in the pound. Palmdale Investments SA will write off £800,000 of debt if the CVA is approved. Palmdale is likely to convert the rest of its loan into equity when an investment is made by Hertford.
Unsurprisingly, Hertford is changing its name to Otium Ventures. Otium is apparently Latin for leisure or ease.
Trading in Hertford shares was suspended on 5 November 2009 at 4p each. Aim appears to be giving the company some leeway in terms of the six month suspension period because the shares are expected to return from suspension on 13 May when the CVA is approved.
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