Here’s a couple of news bits you might be interested in:
RNS Number:5751P
NETeller PLC
16 January 2007STATEMENT REGARDING FORMER DIRECTORS
NETELLER Plc, the leading independent online money transfer business, today issued the following statement regarding the speculation surrounding two of its former directors and founder shareholders, Mr Stephen Lawrence and Mr John Lefebvre.
While travelling separately in the US, Mr Lawrence and Mr Lefebvre, both former directors of the Company, were detained by US authorities on Monday, 15 January 2007.
Other than as shareholders, neither Mr Lawrence nor Mr Lefebvre has any current position with or connection to NETELLER.
The Group has not received any communication or correspondence from any US authority regarding this or any related matter.
Pending clarification of the situation the Board has sought immediate temporary suspension of NETELLER’s shares.
Further information will be issued in due course.
Enquiries:
NETELLER
Andrew Gilchrist, VP – Communications + 44 (0) 1293 555 726Citigate Dewe Rogerson + 44 (0) 207 638 9571
Sarah Gestetner/Sebastian Hoyle/George CazenoveFurther information
Mr Lawrence resigned as a non-executive director of the Company on 13 October 2006 having stepped down as non-executive chairman of the Company on 11 May 2006. Mr Lefebvre resigned as a non-executive director of the Company on 15 December 2005.
Mr Lawrence is the majority beneficial owner of Corvina International Ltd. which holds a total of 7,085,541 ordinary shares representing approximately 5.91% of the issued share capital of the Company. Mr Lefebvre is the beneficial owner of Eagle Medallion Fortress Investment Corporation which holds a total of 6,638,094 ordinary shares representing approximately 5.54% of the issued share capital of the Company.
Notes to Editors
The NETELLER Group
With over 3 million customers in 160 countries, 3,500 merchants, and over $7 billion in annual transactions, the NETELLER Group operates the largest independent online money transfer business in the world. The Group specializes 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 Group to support thousands of retailers and merchants in many geographies and across multiple industries.
The Group is quoted on the London Stock Exchange’s AIM market, with a ticker symbol of NLR. NETELLER UK Limited is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about the Group visit www.netellergroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
Also, it appears that they’ve halted trading in Neteller shares on the LSE. A common move when news this big hits a company.
My Take: I’ve seen people saying that people should rush and cash out their Neteller accounts but personally I don’t think this news is that worthy of alarm. My guess is they are under investigation for money laundering. Neteller is a public company and your money is sitting in a bank account at Royal Bank of Scotland, one of the largest banks in the world. I could be completely wrong but to me it sounds like the worst that could happen is like when Party closed down and they forced Neteller to return all US player’s balances. That’s a worst, worst case scenario. All other scenarios pretty much make this a meh story.
More info should be coming out over the next few days so just keep an eye on what’s going on.