EML answers questions from Sydney market on Irish regulatory issues
Australian fintech EML Payments responded to questions from Sydney stock operator about the nature and timing of the Central Bank of Ireland’s communications the previous week on “significant regulatory concerns” surrounding its Irish unit.
The company said on Wednesday it had complied with listing rules regarding the timely disclosure of price sensitive information.
EML shares fell 46% last Wednesday after it revealed that the Central Bank was investigating anti-money laundering and anti-terrorism issues at Trim, Co Meath, PFS Card Services (Ireland) Limited, which makes part of Prepaid Financial Services (PFS). the Australian group bought it last year.
EML said in a statement that day, after two days of suspension of its shares, that the Central Bank had indicated that it could restrict the activities of PFS Card Services (Ireland), which is responsible for PFS’s European activities and represented 27% of the group’s turnover during the first three months of the year.
EML’s response to a so-called Australian Securities Exchange (ASX) informed query about the company’s handling of share-sensitive information was released on Monday.
PFS Card Services received a call at 10 p.m. on Thursday, May 13 Australian time (1 p.m. Irish time) and followed up with a letter just over an hour later outlining its concerns, EML said.
“EML has obtained urgent legal advice from its Irish lawyers following receipt of the information. This happened on Friday morning Irish time (which was Friday evening Australian time after ASX trading closed) and again on Saturday May 15, 2021, ”he said.
“The EML Board of Directors was notified and received a copy of the letter from the CBI on Saturday May 15, 2021. The Board of Directors met on the morning of Monday May 17, 2021 and the company requested stopping trading before the market opens. , while reviewing the information and preparing an ASX announcement. ”
The announcement came two days later. EML has vowed to submit a response to the Central Bank before close of business on Wednesday, although analysts believe it will take some time for the regulator to consider it.