Released: 27/07/2006
RNS Number:8318G
Spiritel PLC
27 July 2006
For immediate release 27 July 2006
SPIRITEL PLC
("Spiritel" or "the Company" or "the Group")
Buy-out of Spiritel Technologies minority shareholders and Malini warrant
Spiritel plc (AIM: STP), the telecommunications services business, announces
today that Spiritel plc has issued 2,256,082 ordinary shares of 1p each in the
Company ("Shares") and granted options over 3,400,000 Shares at an exercise
price of 5 pence each to the minority shareholders in Spiritel Technolgies
Limited ("Spiritel Technologies") in order to acquire the remaining ordinary
shares in Spiritel Technologies that the Company does not already own.
This gives Spiritel full ownership of the company which will sit within the
Spiritel Wholesale division following the recently announced reorganisation of
the business. The VoIP products that have been developed by Spiritel
Technologies will form a strategic element of the Group's IP-enabled telecoms
services
In addition, today Spiritel announces that it has granted a warrant to Malini
Ltd. Malini Ltd may purchase up to 2 million Shares at a price of 5 pence per
Share over a two year period, subject to achievement of targeted levels of
wholesale call termination to UK and international destinations by Malini Ltd
and its associated companies.
Following these transactions, the Company will have outstanding options and
warrants over 20,241,550 Shares, representing 11.9 percent of the enlarged
ordinary share capital of 169,944,758 Shares.
Alastair Mills, Spiritel's Chief Executive, commented: "We are excited about the
reorganised business and the opportunities that lie ahead for Spiritel. We have
developed a leading edge VoIP product suite and are now well positioned to take
advantage of the ongoing migration from traditional telephony services."
For further information please contact:
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 plc (AIM: STP) is a telecommunications services and products company
that joined the AIM market of the London Stock Exchange in July 2004. Its
services include call termination and in addition it has developed a suite of
leading-edge VoIP products, positioning the Company to benefit from the
migration from traditional telephony to VoIP services.
For further information please visit www.spiritelplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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