Senior management have launched a buyout of telecoms group Alphyra.
In a statement to the stock exchange the company said in response to press speculation, it could confirm that an approach had been received from senior management, but it was not clear if this would lead to a deal.
Alphyra shares have risen sharply in the past week and The Irish Independent reported this morning that the chairman James McConnell and chief executive John Nagle planned to buy the company from shareholders.
The company shares rose 3 cent to €1.58 this evening as the rumour was confirmed.
Earlier today group Alphyra reported 'solid growth' in its main business areas in the third quarter of this year.
In a trading update issued this morning, the company said transactions in the prepaid mobile sector almost doubled compared with the same quarter last year, driven by the roll-out of terminals in France, Germany, Sweden and the Netherlands.
Volumes in its electronic funds transfer business were up 23% on the same period a year earlier, though they were lower compared with Q2 because of seasonal factors.
Growth in Alphyra's utilities business - which refers to payment of electricity, gas and water bills - was 27.5% compared with the second quarter of this year.
