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Smartpay Farewells Henshall, Welcomes New Director

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Fuseworks Media
Fuseworks Media
Smartpay Farewells Henshall, Welcomes New Director

SmartPay (NZX: SPY), New Zealand's leading merchant services provider, today announced changes to its board of directors and signalled that the company is looking to expand its board further later in the year.

Chairman John Seton said it was with much regret the board had accepted the resignation of founding director Murray Henshall.

"SmartPay has been well served by Murray over many years. His expertise has been invaluable, particularly as we restructured and reorganised to become more efficient, and during the many acquisitions that we have undertaken.

"Murray has more than done his part to ensure SmartPay's future success, and now that the company is profitable and cash flow positive at an operating level, Murray feels the time is right to move to other business ventures. We thank him for his contribution, and wish him well."

Joining the SmartPay board with immediate effect is Auckland based lawyer, Greg Barclay, who has had a close involvement with both Cadmus and SmartPay over the last few years as a representative of major shareholders and investors in the company. Accordingly, the board has determined Mr Barclay to be a non-independent director.

Mr Barclay brings expertise in commercial law including corporate structuring, and mergers and acquisitions. He is a past or present director of a number of high profile private New Zealand companies including Kim Crawford Wines, Pacific Forest Products Group, and recent Rugby World Cup appointee Hospitality New Zealand, as well as being a board member of the Northern Districts Cricket Association.

"We are delighted to welcome Greg to the board of directors," said John Seton.

"He brings specialised knowledge that will benefit SmartPay as it seeks to expand further in its key markets of New Zealand and Australia - particularly by acquisition."

The SmartPay board intends appointing a fifth director later in the year, said Seton. It would soon begin the search to find a candidate with skills and experience that complemented the collective of the current directors.

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