eServGlobal (ESG) was forced to issue a market update to counter a dip in its share price sparked by chief financial officer Stephen Blundell, who offloaded his entire stake. The Aim-listed company, which provides a range of financial services via mobile telephones, sought to reassure shareholders after Mr Blundell sold a total of 618,055 shares for around £188,000 in aggregate.
The move was hardly likely to inspire confidence, but the reaction was extreme: at one stage the share price had fallen by as much as a fifth. Despite confirmation that eServGlobal "continues to trade in line with the board's expectations," the shares have yet to recover the lost ground. At least investors can take some encouragement from a deal signed in the third quarter between the MasterCard-controlled HomeSend joint venture, in which eServGlobal retains a 35 per cent interest, and Indosat. The agreement will allow HomeSend to provide its remittance services to Indosat's 60m subscribers in Indonesia.