DUBLIN-BASED ELECTRONIC payments group Payzone has reached an out-of-court settlement with its former chief executive John Nagle and former chief financial officer John Williamson, who were sacked from their positions in March.

In a joint statement issued yesterday, the three parties said they were “happy to announce that they have settled amicably all outstanding disputes arising as a result of the removal of the two former directors”.

The statement said Mr Nagle and Mr Williamson remain shareholders in the company and “wish Payzone every success in the future”.

Details of the settlement were not disclosed. Payzone said the “costs borne” as a result of the settlement had “already been provided for within the restructuring charge” announced at the time of its interim results statement for the six months ended March 31st.

In June, Payzone said it had taken a charge of €8.8 million in restructuring costs, relating to a consolidation of activities and the disputes involving its former executive directors.

Mr Nagle and Mr Williamson were initially removed from their posts by the company in January.

The pair subsequently secured High Court injunctions reinstating them, before they were removed in March following an egm of shareholders.

Chairman Bob Thian also left the company after the shareholders’ meeting.

Former BT Ireland executive Mike Maloney was appointed as chief executive of Payzone in April.

Mr Maloney’s brother Barry is a lead partner in Balderton Capital, Payzone’s largest shareholder.

Shares in Payzone hit an all-time low in London yesterday, trading down to just 2.99 pence, down 0.01 pence on the previous day. They debuted at 76 pence last December.

Its market capitalisation is now just £13.22 million (€17 million).