22nd Jun 2006 07:02
Eckoh Technologies PLC22 June 2006 For immediate release 22 June 2006 Eckoh Technologies plc Recommended cash offer for Symphony Telecom Holdings plc ("Symphony") Eckoh Technologies plc ("Eckoh"), one of Europe's leading speech applicationservice providers, today announces that the Board of Symphony and the Board ofRedstone plc ("Redstone") have reached agreement on the terms of a recommendedoffer to be made by Evolution Securities Limited, on behalf of Redstone for theentire issued share capital of Symphony. The offer is being made on the basis of54.5p in cash for each Symphony ordinary share at a premium of 14.7% toyesterday's mid-market closing share price and 32.9% compared to lastSeptember's placing price of 41p per ordinary share, valuing the entire issuedand to be issued share capital of Symphony at £17.3 million. Eckoh has aninterest in 20,099,999 ordinary shares representing 64.6% of the issued ordinaryshare capital of Symphony. Symphony has today announced its results for the year ended 31 March 2006,reporting an operating loss of £0.3 million on turnover of £61.3million. As at31 March 2006, Symphony had net assets of £4.4 million, including cash balancesof £4.5million. The Eckoh Board has undertaken to accept the Redstone offer, which will realiseapproximately £11.0 million in cash for Eckoh, the proceeds of which will beplaced on deposit. Redstone is a leading provider of telecoms and IT solutions for businesses andorganisations of all types and sizes. Notice of Preliminary Results Eckoh Technologies plc will announce its preliminary results for the twelvemonths ending 31 March 2006 on Tuesday 27 June 2006. A meeting for analysts will be held at 9.30am at the offices of BuchananCommunications, 45 Moorfields, London, EC2Y 9AE on Tuesday 27 June 2006. Eckoh Technologies plc Tel: 08701 100 700Martin Turner, Chief Executive OfficerNik Philpot, Chief Operating OfficerAdam Moloney, Group Finance Director Buchanan Communications Tel: 020 7466 5000Mark Edwards/Jeremy Garcia Corporate Synergy Tel: 020 7448 4400Brian Stockbridge This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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