Helios Consortium urges CAB Payments shareholders to press board over offer

About this update from Cab Payments Holdings Plc

Helios said its offer, first announced on 12 February, was backed by shareholders representing 52.7% of CAB Payments’ issued share capital.The bid for the London-listed firm offered eligible investors $1.15 in cash per share or a partial alternative option.StoneX had approached CAB Payments on 16 March with a non-binding proposal for the entire share capital of the company, conditional on a number of pre-conditions including securing an irrevocable undertaking from the Helios Consortium.Helios said it had declined to provide such an undertaking, rendering the StoneX proposal undeliverable.As a result, the consortium said it considered its own proposal to be “the only firm and deliverable offer available to CAB Payments shareholders”.Helios also said it required certain non-public information from CAB Payments to complete regulatory filings linked to the offer, but that the company’s board had so far refused to provide the requested information.The consortium argued that supplying the information would allow the regulatory process to be completed more quickly and enable shareholders to assess the offer sooner, while withholding it would delay proceedings.It added that regulators were likely to require the information regardless, meaning the current approach risked creating inefficiencies, prolonging the process and disrupting the business.Helios urged shareholders to press the CAB board to cooperate with the consortium and relevant regulators to expedite the process and bring the offer to a conclusion.At 0914 GMT, shares in CAB Payments Holdings were up 1.38% at 87.9p.Reporting by Josh White for Sharecast.com.See latest RNS on Investegate

View stock analysis, news, and events for Cab Payments Holdings Plc