Payzone board meeting goes ahead in Dublin

Payzone's directors went ahead with their planned board meeting in Dublin last night in spite of the High Court hearing adjourning without a verdict.

It is understood that the directors held their meeting at the Shelbourne Hotel on St Stephen's Green. The legal proceedings were not on the agenda. Instead, chief executive John Nagle was expected to give a trading update to directors.

This was the first board meeting of Payzone since the merger of Irish electronic payments group Alphyra and British ATM operator Cardpoint on December 5th last.

The board meeting was due to be held last week but was cancelled due to the ongoing legal action between Payzone and Mr Nagle and John Williamson, the company's chief financial officer, in relation to their dismissal earlier this month.

Trading in Payzone's shares is currently suspended in London pending the outcome of the legal case. The High Court is expected to give a judgment tomorrow.

A source close to Payzone said some shareholders had told chairman Bob Thian that they would call an extraordinary general meeting to seek the removal of Mr Nagle and Mr Williamson if the court granted the men an injunction preventing their dismissal.