Business
Statement of Objections received from Office of...
Statement of Objections received from Office of....
About this update from Paypoint Plc
[{"type":"text","content":"\n \n \n Statement of Objections received from Office of Gas and Electricity Markets\n \n \n \n 30 September 2020\n Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the “Market Abuse Regulation”) requires disclosure of inside information relating to PayPoint plc (the “Issuer”). This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation and is disclosed in accordance with the Issuer's obligations under Article 17 of the Market Abuse Regulation.\n \n STATEMENT OF OBJECTIONS RECEIVED FROM OFFICE OF GAS AND ELECTRICITY MARKETS (“OFGEM”) \n \n The Directors of the Issuer wish to announce that the Issuer has received a Statement of Objections from Ofgem on 29 September 2020, under the Competition Act 1998, setting out the regulator’s provisional view that the Issuer has infringed Chapter II of the Competition Act 1998 and/or Article 102 of the Treaty on the functioning of the European Union.\n The Statement of Objections relates to certain contractual terms with certain energy suppliers that confer exclusivity to PayPoint for over-the-counter (OTC) payment services for prepayment energy customers in combination with exclusivity in retailer arrangements. Ofgem’s provisional view is that these practices constitute an abuse of a dominant position in relation to these OTC payment services. Ofgem’s findings in the Statement of Objections are provisional and Ofgem states that no conclusion should be drawn that there has been an infringement at this stage.\n The Issuer is considering Ofgem’s provisional views set out in the Statement of Objections and will exercise its right to respond to Ofgem and present its case.\n In the event that Ofgem were to proceed to an infringement finding, this could impact the Issuer’s ability to enter into such exclusive arrangements with energy suppliers, and rely on the exclusivity provisions in existing agreements.\n Further announcements will be made as appropriate.\n \n Enquiries\n \n PayPoint plc\n \n \n \n Nick Wiles, Chief Executive (Mobile: 07768636801)\n \n Alan Dale, Finance Director (Mobile: 07778043962)\n Finsbury\n \n \n Rollo Head\n Jenny Bahr \n (Telephone: 0207 251 3801)\n (Email: \n \n [email protected])\n \n \n \n \n ABOUT PAYPOINT\n \n In thousands of retail locations, at ...