27th Jul 2006 12:29
Spiritel PLC27 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, announcestoday that Spiritel plc has issued 2,256,082 ordinary shares of 1p each in theCompany ("Shares") and granted options over 3,400,000 Shares at an exerciseprice of 5 pence each to the minority shareholders in Spiritel TechnolgiesLimited ("Spiritel Technologies") in order to acquire the remaining ordinaryshares in Spiritel Technologies that the Company does not already own. This gives Spiritel full ownership of the company which will sit within theSpiritel Wholesale division following the recently announced reorganisation ofthe business. The VoIP products that have been developed by SpiritelTechnologies will form a strategic element of the Group's IP-enabled telecomsservices In addition, today Spiritel announces that it has granted a warrant to MaliniLtd. Malini Ltd may purchase up to 2 million Shares at a price of 5 pence perShare over a two year period, subject to achievement of targeted levels ofwholesale call termination to UK and international destinations by Malini Ltdand its associated companies. Following these transactions, the Company will have outstanding options andwarrants over 20,241,550 Shares, representing 11.9 percent of the enlargedordinary share capital of 169,944,758 Shares. Alastair Mills, Spiritel's Chief Executive, commented: "We are excited about thereorganised business and the opportunities that lie ahead for Spiritel. We havedeveloped a leading edge VoIP product suite and are now well positioned to takeadvantage of the ongoing migration from traditional telephony services." For further information please contact: Spiritel plc 020 7160 0100Alastair Mills, Chief Executive Teather & Greenwood 020 7426 9000Jeff Keating Buchanan Communications 020 7466 5000Mark CourtMary-Jane Johnson Notes for Editors: About Spiritel plc Spiritel plc (AIM: STP) is a telecommunications services and products companythat joined the AIM market of the London Stock Exchange in July 2004. Itsservices include call termination and in addition it has developed a suite ofleading-edge VoIP products, positioning the Company to benefit from themigration 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 ExchangeRelated Shares:
STP.L