Update on IDTFS acquisition

 

TIDMNEO 
 
RNS Number : 2371P 
Neovia Financial PLC 
20 March 2009 
 

 
 
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| Press release             |                           |     For immediate release | 
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NEOVIA Financial Plc 
 
 
Update on IDTFS acquisition 
 
 
 
 
Friday, 20 March 2009 - NEOVIA Financial Plc (LSE: NEO) (NEOVIA or the Company), 
the independent global online payments business, provides a further update on 
the IDTFS acquisition following its statement made on Friday 13 March. 
 
 
The Company announces that the proposed acquisition of IDT Financial Services 
Holdings Limited ("IDTFSH"), which was announced on 1 December 2008, will not be 
proceeding. The Gibraltar Financial Services Commission ("FSC") has advised the 
Company that it is unable to consent to the acquisition. The Company anticipated 
that the FSC related condition to the proposed acquisition would be achieved 
within a number of months of announcement of the transaction. The Company has 
co-operated fully with the FSC and made every effort within its power to satisfy 
this condition.  However, a substantial underlying shareholder of the Company, 
who under Gibraltar banking law was to become a controller of IDTFSH and about 
whom information therefore needed to be provided to the FSC in connection with 
the approval process, refused to provide the requisite notification to the FSC. 
The FSC has in these circumstances determined that while it does not have any 
objections to the proposed acquisition of IDTFSH by NEOVIA, it is unable to 
consent to the change of control of IDTFSH from IDT Corporation to NEOVIA. 
 
 
The Company is currently reviewing this situation in conjunction with its 
advisers and will provide a further update to shareholders in due course. The 
Company continues to investigate strategic opportunities arising from the 
current economic conditions and which the Group is well placed to capitalise on. 
 
 
As previously announced, NEOVIA expects to release its 2008 full year results on 
or around Thursday 23 April 2009. 
 
 
 
 
 
 
 
 
For further information contact: 
 
 
Andrew Gilchrist+ 44 (0) 1624 698 713 
VP Communications, NEOVIA Financial Plc 
Email:[e-mail] 
 
 
Citigate Dewe Rogerson+ 44 (0) 207 638 9571 
Sarah Gestetner / George Cazenove 
 
 
Daniel Stewart & Co Plc+ 44 (0) 207 776 6550 
Paul Shackleton 
 
 
 
 
 
 
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About NEOVIA Financial 
Trusted by consumers and merchants in over 160 countries to move and manage 
billions of dollars each year, NEOVIA Financial Plc (formerly NETELLER Plc) 
operates the world's leading independent online payments business. Through its 
Payment Suite, featuring NETELLER , NETBANX , Net+(TM) and 1-PAY(TM) brands, 
NEOVIA Financial specialises in providing innovative and instant payment 
services where money transfer is difficult or risky due to identity, trust, 
currency exchange, or distance. Being independent has allowed the company to 
support thousands of retailers and merchants in many geographies and across 
multiple industries. 
 
 
NEOVIA Financial Plc is quoted on the London Stock Exchange's AIM market, with a 
ticker symbol of NEO. Subsidiary company NETELLER (UK) LTD is authorised by the 
Financial Services Authority (FSA) to operate as a regulated e-money issuer. For 
more information about NEOVIA Financial visit www.neovia.com or contact us by 
email at [e-mail]. 
 
 
NEOVIA Financial Plc recently changed its corporate identify from NETELLER Plc 
to better reflect the strength and breadth of its individual product brands. At 
the same time its ticker symbol changed from NLR to NEO. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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