19/08/2008 12:01
PrimeTel announced on Tuesday its intention to submit a public offer for the acquisition of up to 100% of the share capital of Spidernet with the issue of new titles.
The proposed consideration that will be offered to the shareholders of Spidernet who will accept the Public Offer will be 3 new shares of Primetel for every 4 shares of Spidernet. In addition, for every 6 new shares of Primetel offered, 1 bonus warrant of Primetel will be allocated. The issue and allocation of new shares and warrants that will be offered as an exchange for the acquisition of Spidernet will be subject to the shareholders’ approval at the Extraordinary General Meeting to take place on September 12, 2008.
Primetel does not hold any Spidernet shares but it controls - together with persons who act in agreement with it - 25,083,775 shares, which correspond to 60.59% of the total issued share capital of Spidernet.
The issue of the final decision for the submission of the public offer is subject to the approval of the resolutions at the EGM for the issue and allocation of new titles with regard to the consideration of the acquisition.
The final announcement on the Public Offer will be released one day after the EGM and 30 days from this announcement. The deadline has been set by the SEC.
PrimeTel announced today lower losses in the first half of 2008. Of the total losses of €1.5 million in the first half of 2007, they fell to €117 thousand. Its turnover stood at €11.2 million from €5.7 million last year.
Spidernet is an internet service provider. On August 14, 2008, its share closed at €0.28. The Company will release its six-month results on August 29. According to an announcement, however, it expects that they will improve due to the increased sales and the drop in finance cost. Spidernet achieved profits of €342.5 thousand in 2007.
The proposed consideration that will be offered to the shareholders of Spidernet who will accept the Public Offer will be 3 new shares of Primetel for every 4 shares of Spidernet. In addition, for every 6 new shares of Primetel offered, 1 bonus warrant of Primetel will be allocated. The issue and allocation of new shares and warrants that will be offered as an exchange for the acquisition of Spidernet will be subject to the shareholders’ approval at the Extraordinary General Meeting to take place on September 12, 2008.
Primetel does not hold any Spidernet shares but it controls - together with persons who act in agreement with it - 25,083,775 shares, which correspond to 60.59% of the total issued share capital of Spidernet.
The issue of the final decision for the submission of the public offer is subject to the approval of the resolutions at the EGM for the issue and allocation of new titles with regard to the consideration of the acquisition.
The final announcement on the Public Offer will be released one day after the EGM and 30 days from this announcement. The deadline has been set by the SEC.
PrimeTel announced today lower losses in the first half of 2008. Of the total losses of €1.5 million in the first half of 2007, they fell to €117 thousand. Its turnover stood at €11.2 million from €5.7 million last year.
Spidernet is an internet service provider. On August 14, 2008, its share closed at €0.28. The Company will release its six-month results on August 29. According to an announcement, however, it expects that they will improve due to the increased sales and the drop in finance cost. Spidernet achieved profits of €342.5 thousand in 2007.
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