17th Nov 2005 08:12
FOR IMMEDIATE RELEASE17 November 2005 PNC TELECOM PLC (the "Company") Acquisition The Board of PNC Telecom PLC confirms that it has entered into a conditionalagreement to acquire all of the issued shares of SIM4Travel Limited(SIM4Travel").The consideration for the acquisition is ‚£2.4 million to be satisfied by theissue of 167 million new ordinary shares of 0.1p each in the capital of theCompany ("Shares") to the Vendors on completion and up to 120 million furthernew Shares to be issued to the Vendors, subject to SIM4Travel achieving salestargets.Under the AIM Rules, the acquisition is a reverse takeover and is thereforeconditional upon shareholder approval. It is also conditional upon a waiver ofRule 9 of the City Code on Takeovers and Mergers ("City Code") for which theconsent of the Panel on Takeovers and Mergers is to be sought and which willalso require shareholder approval.SIM4Travel Limited provides international travellers with a Pay-As-You-Go SIMcard that enables them to reduce their mobile phone call charges whilstoverseas. Key features are: * Free to receive calls in over 65 countries; * Coverage in over 120 countries; * Low cost international mobile call charges; * UK based customer care and support for all international destinations; and 24/7 Global top-up service available directly from a user's phone. The numbers of those travellers who use mobile phones abroad is expected toincrease substantially over the next five years, with Europe being the keygrowth market. SIM4Travel provides travellers with a low cost alternative tointernational roaming. By using its international Pay-As-You-Go SIM users canreduce their mobile phone charges.Sim4Travel has published no Accounts, but the unaudited management accounts forthe seven months to 30 September 2005 as shown to the Company state a turnoverof ‚£83,600 and net assets of ‚£124,505.A Circular is being prepared in accordance with the requirements of AIM and theCity Code and a further announcement will be made when this is posted toShareholders.PNC Telecom PlcLeo Knifton 020 7251 3762Beaumont Cornish LimitedRoland Cornish 020 7628 3396ENDPNC TELECOM PLCRelated Shares:
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