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Recent news
03.06.2010
VolgaTelecom wraps up deal to acquire 98.19% of Teleset Networks PCLPress release
Nizhny Novgorod, June, 2010: On June 3, 2010 VolgeTelecom completed a transaction to acquire a 98.10% stake in Teleset Networks PCL (the Company) according to the terms of an offer made on May 27, 2010 (the Offer).
According to the terms of the Offer, a proposal was made to the shareholders of Teleset Networks PCL to sell their shares for USD 0.8473 per one share, which corresponds with the evaluation of 100% of the Company’s shareholders capital at the level of $133.5 mln.
The owners of the remaining 1.81% stake in Teleset Networks PCL are entitled to accept the Offer on the same terms until September 27, 2010. In the event that the Offer is accepted by less than 100% of the shareholders of the Company, VolgaTelelecom will be required to make a mandatory buyback offer for the remaining shares held by investors that exercise their rights under the legislation of the Republic of Cyprus.
As reported previously, VolgaTelecom intends to have the shares of Teleset Networks PCL delisted from the AIM trading platform of the London Stock Exchange.
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