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PCI-PAL PLC announced the successful completion of a Form of Order hearing on 20 December 2023, following the hearing on Monday 18th December. The Form of Order was sealed by the court on Tuesday 19th December 2023, with Mrs Justice Bacon refusing Sycurio's application for permission to appeal the ruling. Mrs Justice Bacon ordered Sycurio to pay PCI Pal £1.06 million as an interim payment on account of costs, with interest applied to all amounts.
| Date | 20 Dec 2023 |
| Time | 07:00:15 |
| Category | Miscellaneous |
| ID | 3807X |
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 18th December.
The Form of Order was sealed by the court at around midday on Tuesday 19th 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:
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PCI-PAL PLC |
Via Walbrook PR |
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James Barham - Chief Executive Officer William Good - Chief Financial Officer
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Cavendish Capital Market Limited (Nominated Adviser and Broker) |
+44 (0) 20 7227 0500 |
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Marc Milmo/Simon Hicks/Fergus Sullivan (Corporate Finance) Sunila De Silva (Corporate Broking)
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Walbrook PR |
+44 (0) 20 7933 8780 |
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Tom Cooper/Paul Vann |
+44 (0) 797 122 1972 |
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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 or follow the team on Linkedin: https://www.linkedin.com/company/pci-pal/