6th Mar 2006 07:03
Spiritel PLC06 March 2006 For immediate release 3 March 2006 SPIRITEL PLC ("Spiritel" or "the Company") Conversion of Loan Notes Spiritel plc (AIM: STP), the telecommunications services business, is pleased toannounce that loan notes with an aggregate value of £2 million held by PentaFund 1 Limited Partnership ("Penta Fund 1") and Penta Fund 1 SP LimitedPartnership ("Penta Fund 1 SP") have been converted into new ordinary shares of1p each at a conversion price of 7.25p per share. Penta Fund 1 and Penta Fund 1SP are funds managed by Penta Capital Partners Limited ("Penta Capital").Following the conversion, the aggregate holding of funds managed by PentaCapital in the issued ordinary share capital of the Company will be 23.8 percent. Ordinary shares Ordinary shares Total number Percentage of before arising on of ordinary issued share conversion of conversion of shares after capital after loan notes loan notes conversion conversion Penta Fund 1 11,753,808 27,414,124 39,167,932 23.7 Penta Fund 1 SP 73,784 172,083 245,867 0.1 It is expected the new ordinary shares will be admitted to trading on AIM on 9March 2006, giving Spiritel a total number of ordinary shares in issue of165,406,010. Alastair Mills, Spiritel's Chief Executive, commented: "I am delighted by PentaCapital's decision to convert loan notes into equity, which underlines theconfidence in our business model of one of our most significant investors." ENDS For further information: 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 (AIM: STP) is the holding company for a growing group of companieswhose focus is telecommunications services and products. Spiritel, through itsSpiritel Technologies division, has developed a suite of leading-edge VoIPproducts, positioning the Company to benefit from the migration from traditionaltelephony to VoIP services. Spiritel Technologies' route to market is viareseller partners. Spiritel's initial trading division, Expo Communications, wasfounded in 2000 and is one of Europe's leading call termination businessesfocussing on calls from fixed lines to mobiles. Expo's client base includesTelewest, Level (3), Colt, One.Tel and Your Communications among others.Spiritel Technologies' VoIP products are highly complementary to Expo'stermination services as most phone calls made via VoIP require termination inthe same way as calls from traditional fixed line phones. Spiritel joined the AIM market of the London Stock Exchange in July 2004. 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