February

Canaccord Genuity Hawkpoint advises Duke Street on the take private of AIM-listed Payzone

On 9 April 2010, Canaccord Genuity Hawkpoint's client, Duke Street, completed the €104 million take private of AIM-listed Payzone.

The Restructuring has put in place an appropriate long-term capital structure to enable Payzone to trade through the current adverse economic conditions and to have the capability to grow as its markets recover.

The Restructuring reduces Payzone's level of senior secured debt from approximately €300m to €77m. As part of the process, Payzone's seven bank lenders became shareholders in the restructured group. Duke Street's €45m equity investment provides significant growth capital to develop the business.

Payzone’s management team, led by Chief Executive Mike Maloney, have remained with the business and become shareholders. They will work closely with the Duke Street team to execute the growth strategy for Payzone. Duke Street operating partner Bob Scott (former Group CEO of Aviva) has become Chairman of Payzone.

Payzone, headquartered in Dublin, is a provider of mobile top-up and electronic funds transfer services, principally in Ireland and the UK. It also operates ATMs in the UK and Germany.

Canaccord Genuity Hawkpoint acted as financial adviser to Duke Street.

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