REG - PCI-PAL PLC - Successful Completion of Form of Order Hearing

PCI- PALAnnouncement

20/12/2023 07:00

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RNS Number : 3807X  PCI-PAL PLC  20 December 2023

20 December 2023

 

PCI-PAL PLC

("PCI Pal", the "Company" or "the Group")

 

Successful Completion of Form of Order Hearing

 

Further to the announcement on 19 December 2023, PCI-PAL PLC (AIM: PCIP), the
global cloud provider of secure payment solutions for business communications,
provides an update following the conclusion of the Form of Order hearing held
on Monday 18(th) December.

 

The Form of Order was sealed by the court at around midday on Tuesday 19(th)
December 2023, and the Company draws investors attention to the following
highlights:

 

·      Sycurio's application for permission to appeal the ruling was
refused by the judge, Mrs Justice Bacon.  Sycurio are allowed to seek
permission to appeal from the Court of Appeal.

 

·      Mrs Justice Bacon ordered that Sycurio shall pay PCI Pal £1.06
million by way of an interim payment on account of costs.  The timing of this
payment to PCI Pal will not become clear until late January or Early February
and will be subject to any further decisions by the Court of Appeal in that
time.

 

·      Mrs Justice Bacon also ordered that interest be applied to all
amounts to be paid to PCI Pal.

 

There are a number of other aspects to the Form of Order which the Company
will work through with its lawyers in the coming weeks and the Company expects
to be able to provide a further positive update to investors towards the end
of January 2024 / early February 2024.

 

 

For further information, please contact:

 

 PCI-PAL PLC                                                      Via Walbrook PR
 James Barham - Chief Executive Officer

 William Good - Chief Financial Officer

 Cavendish Capital Market Limited (Nominated Adviser and Broker)  +44 (0) 20 7227 0500
 Marc Milmo/Simon Hicks/Fergus Sullivan (Corporate Finance)

 Sunila De Silva (Corporate Broking)

 Walbrook PR                                                      +44 (0) 20 7933 8780
 Tom Cooper/Paul Vann                                             +44 (0) 797 122 1972
                                                                  tom.cooper@walbrookpr.com (mailto:tom.cooper@walbrookpr.com)

 

About PCI Pal:

 

PCI Pal is a leading provider of Software-as-a-Service ("SaaS") solutions that
empower companies to take payments from their customers securely, adhere to
strict industry governance, and remove their business from the significant
risks posed by non-compliance and data loss. Our products secure payments and
data in any business communications environment including voice, chat, social,
email, and contact centre. We are integrated to, and resold by, some of the
worlds' leading business communications vendors, as well as major payment
service providers.

 

The entirety of our product-base is available from our global cloud platform
hosted in Amazon Web Services ("AWS"), with regional instances across EMEA,
North America, and ANZ.

 

For more information visit www.pcipal.com (http://www.pcipal.com) or follow
the team on Linkedin: https://www.linkedin.com/company/pci-pal/
(https://www.linkedin.com/company/pci-pal/)

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