Neteller Update: Further Investigation Required
Hey guys, sorry for not posting earlier; have been buried in work. Well today I have some news update on the Neteller Situation. Here is Neteller's Press-release posted on July 13, Friday:
Friday, 13 July 2007 - NETELLER Plc (LSE: NLR), the independent global online payments business, today issued the following statement regarding its progress in resolving the investigation by the United States Attorney's Office for the Southern District of New York (USAO) into the Company.
As stated in the Company’s announcement of 12 July 2007, NETELLER stated that it had advised the USAO that it will use its best efforts to resolve the investigation on or soon after 13 July 2007. The Company believes that it is making significant progress towards achieving a resolution and hopes to be able to announce this within a number of days.
As announced on 4 June 2007, the Company has agreed to a plan for the distribution of funds to itsUS US
The Company continues to make progress regarding the ongoing suspension of the Company’s ordinary shares from trading. The restoration of trading in the Company’s ordinary shares will depend on resolution of the investigation within a short time frame and finalisation and publication of the Company’s audited annual accounts for 2006. Further information will be announced as and when it becomes available.
The Company also today confirms that earlier today, the Board accepted the resignation of Gord Herman as Executive Chairman and Director of the Company. Mr Herman has indicated that he wishes to concentrate on personal matters. Dale Johnson, non-executive director, will assume the role of non-executive Chairman. Both of these changes will take place with immediate effect.
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As stated in the Company’s announcement of 12 July 2007, NETELLER stated that it had advised the USAO that it will use its best efforts to resolve the investigation on or soon after 13 July 2007. The Company believes that it is making significant progress towards achieving a resolution and hopes to be able to announce this within a number of days.
As announced on 4 June 2007, the Company has agreed to a plan for the distribution of funds to its
The Company continues to make progress regarding the ongoing suspension of the Company’s ordinary shares from trading. The restoration of trading in the Company’s ordinary shares will depend on resolution of the investigation within a short time frame and finalisation and publication of the Company’s audited annual accounts for 2006. Further information will be announced as and when it becomes available.
The Company also today confirms that earlier today, the Board accepted the resignation of Gord Herman as Executive Chairman and Director of the Company. Mr Herman has indicated that he wishes to concentrate on personal matters. Dale Johnson, non-executive director, will assume the role of non-executive Chairman. Both of these changes will take place with immediate effect.
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As always said in press-releases, "the changes will take place with IMMEDIATE effect". Well we see that the changes only apply to the staff movements. In reality, further investigation is required which means another delay.
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