EML +31.27%: the payments company got a boost today after updating the market around the regulatory issues in Ireland. The PCSIL business was in the firing line from the Central Bank of Ireland earlier this year for money laundering issues and has been working with the regulator since to resolve it. Today’s update suggests the bulk of the work has been completed and the CBI is now allowing the business to grow again. It’s only around 25% of the company’s revenue yet the stock was hit closer to 50% since the announcement.
MM remains bullish and long EML in the Emerging Companies portfolio
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