CAB Payments reaffirms Helios bid rebuff as results yield no reaction

CAB Payments Holdings PLC on Thursday reiterated its opposition to an offer from a consortium led by major investor Helios Investment Partners LLP, saying it "continues to fundamentally undervalue" the firm.

CAB announced its inaugural interim dividend of 2.1p per share with its half-year results on August 6.

The London-based payment processing firm had also reported pretax profit of £14.6 million, up year-on-year from £3.1 million, while total income grew 31% to £67.6 million. Also, adjusted earnings before interest, tax, depreciation and amortisation surged 82% to £23.8 million.

Helios Investment Partners holds around 45% of the company and has refused to support StoneX Group Inc's 110p per share offer, despite CAB's board being minded to recommend it.

The consortium, meanwhile, had previously put forward a firm offer of USD1.15 per share.

CAB Payments shares were 5.1% higher at 82.90p each on Thursday afternoon in London.

CAB noted the Helios consortium's announcement, released earlier on Thursday, that it will not exercise its right to reduce its offer to reflect the dividend.

"The Helios offer nonetheless remains unchanged notwithstanding the company's interim results which demonstrated the continued strong progress being made by CAB Payments and the strength of its growth trajectory," the firm said.

CAB continued: "The Helios consortium has had the opportunity to improve the terms of its offer but has chosen not to do so. Accordingly, the independent board remains of the view that the Helios offer is highly opportunistic and continues to fundamentally undervalue CAB Payments and its future prospects.

"The independent board remains confident in the company's strategy and its ability to deliver long-term value for shareholders and will continue to focus on the execution of that strategy going forward."

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