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This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation and is disclosed in accordance with the Issuer's obligations under Article 17 of the Market Abuse Regulation.
FINAL ACCEPTANCE OF COMMITMENTS FROM OFFICE OF GAS AND ELECTRICITY MARKETS (“OFGEM”)
Further to the announcement made on 11 August 2021, PayPoint today welcomes the publication by Ofgem of a ‘Notice of Decision to Accept Binding Commitments’, regarding voluntary commitments proposed by PayPoint to Ofgem to address the concerns raised in Ofgem’s Statement of Objections received on 29 September 2020.
Ofgem, the energy regulator, has now accepted those commitments as a resolution of its concerns.
PayPoint will now implement the commitments with all relevant stakeholders in a timetable agreed with Ofgem.
The Board believes that these commitments reaffirm the importance of delivering value, service and support to its clients, retailers and the communities it serves. This sits at the heart of PayPoint’s strategy to deliver sustainable value to all stakeholders supported by the appropriate governance and oversight.
We look forward to updating the market on progress across the PayPoint Group in our half year results this Thursday 25 November at 9.30am.
PayPoint Plc Finsbury (telephone: 0207 2513 801)
Nick Wiles, Chief Executive (Mobile 07768 636 801) Rollo Head
Alan Dale, Finance Director (Mobile: 07778043962) James Thompson
ABOUT PAYPOINT GROUP
For tens of thousands of businesses and millions of consumers, we deliver innovative technology and services that make life a little easier.
The PayPoint Group serves a diverse range of organisations, from SME and convenience retailer partners, to local authorities, multinational service providers and e-commerce brands. Our products are split across three core business divisions:
In Shopping, we enhance retailer propositions and customer experiences through EPoS services via PayPoint One, card payment technology, ATMs and home delivery technology partnerships in over 60,000 SME and retailer partner locations across multiple sectors. Our retail network of over 28,000 convenience stores is larger than all the banks, supermarkets and Post Offices put together
In E-commerce, we deliver best-in-class customer journeys through Collect+, a tech-based delivery solution that allows parcels to be sent, picked up and dropped off at thousands of local stores
In Payments and Banking, we help companies and their customers make and receive payments quickly and conveniently. This includes our digital payments platform, MultiPay, an eMoney offering that enables cash through to digital transactions and cash solutions providing vital consumer access across our extensive retail network
Together, these solutions enable The PayPoint Group to create long-term value for all stakeholders, including customers, communities and the world we live in.