Released: 03/03/2006
RNS Number:3111Z
Spiritel PLC
03 March 2006
For immediate release 3 March 2006
SPIRITEL PLC
("Spiritel" or "the Company")
Conversion of Loan Notes
Spiritel plc (AIM: STP), the telecommunications services business, is pleased to
announce that loan notes with an aggregate value of £2 million held by Penta
Fund 1 Limited Partnership ("Penta Fund 1") and Penta Fund 1 SP Limited
Partnership ("Penta Fund 1 SP") have been converted into new ordinary shares of
1p each at a conversion price of 7.25p per share. Penta Fund 1 and Penta Fund 1
SP are funds managed by Penta Capital Partners Limited ("Penta Capital").
Following the conversion, the aggregate holding of funds managed by Penta
Capital in the issued ordinary share capital of the Company will be 23.8 per
cent.
Ordinary Ordinary Total number Percentage of
shares shares
before arising on of ordinary issued share
conversion of conversion of shares after capital after
loan notes loan notes conversion conversion
Penta Fund 1 11,753,808 27,414,124 39,167,932 23.7
Penta Fund 1 73,784 172,083 245,867 0.1
SP
It is expected the new ordinary shares will be admitted to trading on AIM on 9
March 2006, giving Spiritel a total number of ordinary shares in issue of
165,406,010.
Alastair Mills, Spiritel's Chief Executive, commented: "I am delighted by Penta
Capital's decision to convert loan notes into equity, which underlines the
confidence in our business model of one of our most significant investors."
ENDS
For further information:
Spiritel plc 020 7160 0100
Alastair Mills, Chief Executive
Teather & Greenwood 020 7426 9000
Jeff Keating
Buchanan Communications 020 7466 5000
Mark Court
Mary-Jane Johnson
Notes for Editors:
About Spiritel plc
Spiritel (AIM: STP) is the holding company for a growing group of companies
whose focus is telecommunications services and products. Spiritel, through its
Spiritel Technologies division, has developed a suite of leading-edge VoIP
products, positioning the Company to benefit from the migration from traditional
telephony to VoIP services. Spiritel Technologies' route to market is via
reseller partners. Spiritel's initial trading division, Expo Communications, was
founded in 2000 and is one of Europe's leading call termination businesses
focussing on calls from fixed lines to mobiles. Expo's client base includes
Telewest, Level (3), Colt, One.Tel and Your Communications among others.
Spiritel Technologies' VoIP products are highly complementary to Expo's
termination services as most phone calls made via VoIP require termination in
the same way as calls from traditional fixed line phones.
Spiritel joined the AIM market of the London Stock Exchange in July 2004.
For further information please visit www.spiritelplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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