October 13, 2020
London, October 12, 2020: eNett International (Jersey) Limited and Optal Limited issued the following statement today in response to the ruling of the Commercial Court, Queen’s Bench Division of the High Court of Justice of England and Wales on certain preliminary issues relating to the complaint filed against WEX by shareholders of eNett and Optal.
The Court’s decision announced today on one of the identified preliminary issues, that there is no Travel Payments Industry, was disappointing, and we will be seeking permission to appeal. However, we are gratified with the Court’s ruling that changes in law or regulation cannot be relied upon to establish that a Material Adverse Effect has occurred.
While the Court has ruled on certain preliminary issues, it has yet to make a ruling on the ultimate issue, whether the effect of the pandemic on eNett and Optal constitutes a “Material Adverse Effect”, as defined in the Share Purchase Agreement. WEX bears the burden of proof on this issue, which remains to be decided at trial. At trial, WEX will not be permitted to rely on any impact on travel that occurred in connection with changes in law or regulation.
eNett and Optal remain focused on maintaining their leading position in the Travel Payments Industry, by providing a superior suite of innovative products tailored to their customers’ needs and delivering the highest standard of service their customers have come to expect.
# # #
Dana Gorman / James Isola
Abernathy MacGregor / Maitland
email@example.com / firstname.lastname@example.org
+1-212-371-5999 / +44 (0) 7841-982-020