1st Jul 2008 07:00
1 July 2008
Alternative Networks plc ("Alternative Networks" or the "Company")
Issue of equity
The Company today announces the acquisition of the remaining ten per cent. of the equity not already owned
in its subsidiary Alternative Networks TS Limited ("ANTS") from Hugo Holland-Bosworth, Business Systems Director (the "Acquisition").
The Company will issue 140,154 Ordinary Shares of 0.125 pence each (the "Consideration Shares") to
Hugo Holland-Bosworth, and pay him £135,000 in cash, as consideration for the Acquisition. Hugo Holland-Bosworth has, with certain exceptions, agreed not to dispose of the Consideration Shares for one year from the date of this announcement.
Following the Acquisition, the Company expects to be able to fully integrate ANTS with the systems business of The Telecom Centre Limited ("Echo") acquired by the Company in September 2007.
Application will be made to the AIM Market of the London Stock Exchange for the Consideration Shares to be
admitted to trading. It is expected that Admission of the Consideration Shares will become effective and that
dealings will commence at 8.00am on 7 July 2008.
The Consideration Shares will be issued credited as fully paid and will rank pari passu with the Company's
existing ordinary share capital (including the right to receive all dividends or other distributions declared, made
or paid thereon) following admission of the Consideration Shares to trading on AIM.
-ends-
Enquiries:
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Alternative Networks plc |
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James Murray, Chief Executive Officer |
0870 190 7444 |
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Edward Spurrier, Chief Financial Officer |
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Investec |
020 7597 5970 |
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Martin Smith |
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|
Patrick Robb |
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Financial Dynamics |
020 7831 3113 |
|
Juliet Clarke/Haya Chelhot |
Related Shares:
AN..L