Business
Disposal
Disposal.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n RNS Number : 6267E Conister Financial Group plc 30 September 2008 \nFOR IMMEDIATE RELEASE 30 SEPTEMBER 2008\n\nCONISTER FINANCIAL GROUP PLC\n('CFG' or 'the Company')\n\nSale of 51% of TransSend to Strategic Partners\n\n\nConister Financial Group PLC, (AIM:CFG.L) has agreed to the strategic sale of 51% of its prepaid card business, TransSend, for an estimated £5.1m, recovering the Company's seed capital, forming a strong alliance with a company in the same business and securing TransSend's position in a rapidly growing market. \n\nTransSend was the first company in Europe to receive MasterCard® approval to offer a prepaid card to the non-US online gaming sector, a market which is expected to reach £7.4 billion by 2010(1). TransSend has recently signed deals with Intercash, Playtech and Income Access to provide prepaid payout cards for affiliate marketers and customers in the gaming sector\n\nThe Company has agreed to sell 10% of TransSend to Altair Financial Services International Plc ('Altair'), a leading player in the global prepaid card market and already certified for issuer processing in Latin America and the Caribbean, Asia Pacific, Middle East and Africa, United States of America and throughout Europe. It has adopted innovative payment solutions and supports the Prepaid Seasoncard with PayPass™ card at the City of Manchester Stadium, home of Manchester City Football Club and has recently teamed up with Tesco Personal Finance to launch a prepaid travel card. \n\nIn consideration Altair has agreed to pay CFG £1m to be satisfied by the issue of ordinary shares in Altair at 350p per share or in cash, at the sole discretion of Altair.\n\nA further 41% has been sold to AIM listed Equity Special Situations Limited ('ESS') for £4.1m to be satisfied by the issue of ordinary shares in ESS at 235p per share or in cash at the sole discretion of ESS. ESS already has a strategic stake in the prepaid card market via Altair and fully recognises the potential in the TransSend business.\n\nThis strategic sale is designed to facilitate the development of TransSend as a standalone business, through the invo...