Planet Payment shareholder Andrew Paul lifts stake to 8.4%

Multi-currency payment and data processor Planet Payment (LON:PPT) said that shareholder Andrew Paul has acquired a further 500,000 shares in the company to boost his stake to 3.87 million shares, for an increase from 7.3% to 8.4% of the voting rights.
Andrew Paul is the managing member of Sopris Capital Associates, whose principal and founding member Jon Kaiden is currently a non-executive director of Planet Payment. Paul also serves as the chairman of Enhanced Capital Partners (ECP) and the managing general partner of the Enhanced Equity Fund (EEF).
Following the share purchase, Paul is now the second largest shareholder in the company behind Andwel Partners and Trust, which holds an 11.31% stake in Planet Payment.

In Q1 2010, Planet Payment achieved a 28% increase in revenues, which reached US$13.2 million, beating the forecasts of broker Daniel Stewart & Co (DS&C) by US$2.9 million.

DS&C has said that the company’s main risk was negated after MasterCard said it would not limit future DCC (Dynamic Currency Conversion) transactions. The broker noted the “high potential for future forecast outperformance from an attractive new client pipeline” and major roll-out of services in key new territories including South Africa, the UAE and the Philippines, which were all launched in Q1.