Nov 28 (Reuters) - SmartPay Holdings Ltd SPY.NZ :
* REACHED A BINDING AGREEMENT TO SELL NEW ZEALAND BUSINESS AND ASSETS TO VERIFONE INC FOR NZ$70M
* PROCEEDS OF SALE TO BE USED TO CAPITALISE AUSTRALIAN BUSINESS, SETTLE BANKING FACILITIES, PROVIDE CASH DISTRIBUTION TO SHAREHOLDERS.
* BOARD'S CURRENT EXPECTATION FOR CASH DISTRIBUTION AFTER SALE IS LIKELY TO BE AROUND NZ$0.20 / SHARE