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Two vie for iCash ATMs

29 November 2011 5:25PM
ATM operator iCash Payments has put its fleet of 1000 Australian automatic teller machines on the market.The firm told the ASX yesterday that it received "a number of confidential and conditional offers", and the announcement of its willingness to sell may be intended to flush out additional offers.Two prospective bidders are rumoured to be interested.One of them is the recently ASX-listed EzeATM, which manages a small fleet of merchant-cashed ATMs, most of them located in its home base of Western Australia. The firm has said it is looking to acquire additional ATM fleets in the eastern states. The other is a private investor.In its financial statements for the year to June 2011, iCash said it recognised an impairment of A$5.1 million on its domestic ATM business following a review.The annual report values goodwill in the Australian operation at A$10.9 million, following the write-down.The Australian arm of iCash Payments incurred a pre-tax loss of $1.5 million, thanks to the write-down in carrying value.In September, in its annual report, iCash said it had more than 950 ATMs deployed and a further 670 under management.Shares in iCash lifted 4.5 cents to 18.5 cents on Friday and fell back one cent yesterday, following the announcement.Shares in EzeATM increased one cent to 33 cents, or 13 cents above the price at which they were sold in an initial public offer two months ago.

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