Shareholders in Irish e-payments outfit Payzone have voted to remove CEO John Nagle and CFO John Williamson from the company at an extraordinary general meeting (EGM) held in Dublin.
Payzone was created by the merger of Ireland's Alphyra and British ATM operator Cardpoint and was listed on the AIM in December. But a battle quickly ensued between former Alphyra staff Nagle and Williamson and Cardpoint's Thain, for control of the merged company.
The EGM was called after Nagle and Williamson won a High Court judgement in Dublin stating that they were wrongfully dismissed from the company in January and that they must be reinstated.
The pair originally took the company to court following an attempt to oust them on 16 January. At the time Payzone released a statement saying Nagle and Williamson "have left the company" and that Thian was assuming "executive responsibility".
The injunction against Payzone was granted after the two presented the Dublin court with documents stating that the board's move to oust them had not followed proper processes. They also argued that the board meeting had not taken place in Ireland - where Payzone is registered - and was therefore not valid.
However shareholders attending the EGM held on Monday in Dublin voted in favour of resolutions proposing the removal of Nagle and Williamson from the company.
Payzone says a resolution proposing the removal as a director of Bob Thian - who is chairman of the company - was rejected.
The vendor suspended its shares in January following the injunction. Payzone says it expects to issue a trading update later this week but shares will remain suspended until then.