Pushpay provides systems for people to donate to their churches. Photo: 123RF
Shares in payments company Pushpay have slumped after media speculation that a buyout deal from two of its shareholders is close to collapse.
The company's shares fell close to 15 percent after an article in The Australian said that the potential buyout by BGH Capital and US investment manager Sixth Street Partners might collapse because of financial market volatility.
Pushpay disclosed in May that the two investment firms were co-operating on a possible "transaction involving Pushpay", although it noted at the time that the agreement between the pair was not definitive and could be terminated at any time.
At the annual meeting shareholders were told it had set up a committee of directors to look at several expressions of interest from potential bidders, but once again there was no certainty that any deal would eventuate.
In response to the latest speculation Pushpay offered only a brief statement to the stock exchange.
"Pushpay advises that the company remains in compliance with its continuous disclosure obligations and will keep the market updated in accordance with the NZX Listing Rules."
The company provides systems for people to donate to their churches, with its business and much of its staff based in the US.
Pushpay shares last traded down 13 cents or 10.6 percent at $1.10, close to a five-month low, valuing the company at $1.2 billion.
It reported a 12 percent rise in full year net profit to $53.1 million on increased revenues and subscribers.
