Mi-Pay Group PLC Update re R&D tax credit (8782A)
24 Janeiro 2020 - 8:05AM
UK Regulatory
TIDMMPAY
RNS Number : 8782A
Mi-Pay Group PLC
24 January 2020
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
24 January 2020
Mi-Pay Group plc
('Mi-Pay', the 'Group', or the 'Company')
Update re R&D tax credit
Mi-Pay (AIM: MPAY), a leading provider of digital
transformation, mobile payment and payment fraud management
solutions to Tier 1 Mobile Network Operators, Mobile Virtual
Network Operators and digital content providers, announces an
update on the receipt of a research and development tax credit by
Mi-Pay Limited, the Company's wholly owned operating
subsidiary.
On 22 November 2019, the Company announced that it was yet to
receive a research and development tax credit of approximately
GBP0.3 million in respect of its 2018 claim and that it had
received correspondence from HMRC requesting further information.
On 23 January 2020, the Company received further correspondence
from HMRC, stating that no further information is required to be
provided in respect of the claim and that no amendment is being
proposed to the claim.
Whilst the response from HMRC does not constitute formal
approval of the claim, it is anticipated that a formal closure
notice will be received from HMRC in due course. Subject to the
receipt of formal approval by HMRC, after costs associated with the
claim, it is anticipated that Mi-Pay Limited would receive
approximately GBP0.26 million from the claim.
It is not expected that any funds will be received ahead of the
Company's general meeting on 27 January 2020, to approve the
disposal of Mi-Pay Limited ("Disposal") and cancellation of
admission of the Company's ordinary shares from trading on AIM
("Cancellation"). Any amounts receivable under the claim will be
payable to Mi-Pay Limited and not Mi-Pay Group plc and the receipt
of the credit does not affect the consideration receivable by
Mi-Pay Group plc in respect of the Disposal, details of which were
set out in the Company's circular dated 23 December 2019 (the
"Circular").
The directors of the Company do not consider the funds
receivable under the claim to materially affect the Company's
working capital position. Therefore, notwithstanding this further
correspondence from HMRC, it remains the opinion of Seamus Keating
and Ed Lascelles, being the directors that are independent for the
purposes of the Disposal, that it is in the best interest of
shareholders to proceed with the Disposal on the terms contemplated
in the Circular and it remains the opinion of the Board that it is
in the best interest of shareholders to proceed with the
Cancellation. The Board intend to vote in favour of the Disposal
and Cancellation resolutions at the general meeting in respect of
their direct and indirect shareholdings which, in aggregate, amount
to 4,373,736 ordinary shares in the Company, representing 9.56% of
the issued share capital of the Company.
For further information, please contact:
Mi-Pay Group plc Allenby Capital Limited
Tel: +44 207 112 2129 Tel: +44 203 328 5656
Michael Dickerson, Chairman James Reeve
John Beale, CEO Asha Chotai
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END
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January 24, 2020 06:05 ET (11:05 GMT)
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