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Shareholders to vote on Transact’s future

A decision to float or sell Transact could be made in the next month as shareholders meet to vote on the future of the platform.

Founding shareholders will for the first time have a vote on whether to sell the company at an extraordinary general meeting planned for early May.

Options include listing parent company Integrated Financial Arrangements on the stock exchange, pursuing a trade sale or continuing as a privately owned company.

Under an agreement forged by Transact’s original shareholders, the board agreed two years ago to “engage a suitable organisation to appraise the market from time to time”. This organisation reported to the board in February.

Transact was established in 1999 and has nearly doubled its profits from 4.11m to 7.75m for the year ending September 2007. This helped Integrated Financial Arrangements pay shareholders a dividend of 60p, worth 600,000.

Transact head of marketing Malcolm Murray says: “The shareholders simply want to know what is the latest value put on the company by an outside independent organisation. You cannot extrapolate from this that we want to sell because it is simply not the case and, anyway, that would be for the shareholders to decide.”

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