ATM indy short on cash
ATM operator Stargroup still has not come up with the cash to complete a takeover of the ATM switching and processing business of Indue announced in September.Back then, ASX listed Stargroup said it would pay A$6.5 million in cash for the Indue business. The acquisition was expected to be completed by December 2016, and would be debt funded.The payment date has already been pushed back twice and Indue and its mutual ADI owners must be wondering if Stargroup will ever complete.Stargroup yesterday said it "paid a five per cent non-refundable deposit of $325,000 to Indue which has been forfeited."Like earlier announcements on deferrals, optimism reigns."Stargroup is currently in negotiations with Indue and is committed to completing the transaction and is still proceeding with these negotiations," Todd Zani, Stargroup CEO said.