eServGlobal submits sale of core operations model

• eServeGlobal has announced the proposed sale of its core operating business to Seamless Distribution Systems AB
• eServeGlobal is seeking shareholder approval for a company name change to: Wameja Limited
• Following the completion of the sale, members of the board, John Conoley and Andrew Hayward will leave their executive positions
• eServeGlobal’s future focus will be on HomeSend and MasterCard

eServeGlobal, a digital transactions company has announced the sale of its core operating business. The company’s associated assets to Seamless Distribution Systems AB, with a Sweden-based technology and solutions provider.

Following this transaction, eServeGlobal’s only trading activity will be managing its 35.68 per cent stake in HomeSend SCRL. Aside from its investment in HomeSend, the company has no intention to acquire any operating businesses. It does however, intend to change its name to ‘Wameja Limited’ which is subject to shareholder approval.

“We are pleased to have found a good home for our core business with the acquisition by Seamless. We have worked hard to reshape the core business into an asset that now has greater value as part of a complementary entity within the Seamless organisation,” eServeGlobal Executive Chairman, John Conoley, said.

Following the completion of the transaction, it is expected the Director and Chief Financial Officer, Andrew Hayward will exit his position and John Conoley will also leave his position as Executive Chairman within six months of the transaction’s completion.

Conoley stated the future of the Board at eServiceGlobal will focus on its relationship with its Joint Venture partner, MasterCard and their HomeSend global payment hub which allows cross-border transfers between bank accounts, cards, mobiles or cash outlets globally.

“This is good for our customers, and importantly should provide a better opportunity for many of our people who have worked hard to get the company to this point,” he said.