20th Jul 2006 07:00
Cable & Wireless PLC19 July 2006 PRESS RELEASE For immediate release 19 July 2006 CABLE & WIRELESS MAKES FORMAL PROPOSAL TO ACQUIRE KEYTECH LTD., BERMUDA Cable and Wireless plc ("Cable & Wireless") has made a formal proposal to theBoard of Directors of KeyTech Limited ("KeyTech"), the holding company of theleading telecommunications group in Bermuda, to acquire 100% of KeyTech'soutstanding share capital. The proposal values each KeyTech share at Bermudian dollars (BD$) 17.00,equivalent to BD$205 million (approximately £113 million), and is payable incash. This represents a premium of 35% over the 30 day weighted average closingprice of BD$12.61. The proposal is subject to customary due diligence andregulatory approvals, and KeyTech Board and shareholder approvals. Cable & Wireless has been the primary provider of internationaltelecommunications services in Bermuda for over 115 years. Harris Jones, Cable& Wireless' Group Managing Director, International said: "The provision of acomprehensive service offering combined with Cable & Wireless' internationalscale and expertise will benefit both our customers and the economy of Bermuda.In addition, we will be well positioned to meet future competitive andtechnological challenges with enhanced service offerings and investments ininfrastructure." ENDS This press release does not constitute an offer to exchange or purchase anyKeyTech shares. Any offer will be made pursuant to an official offer document. Notes to editors About Cable & Wireless Cable & Wireless is one of the world's leading international communicationscompanies. It operates through two stand-alone business units - Internationaland UK. The International business unit operates integrated telecommunications companiesin 33 countries offering mobile, broadband, domestic and international fixedline services to residential and business customers, with principal operationsin the Caribbean, Panama, Macau, Channel Islands and Monaco. In Bermuda, Cable& Wireless provides international voice and data services to residential andbusiness customers. The UK business unit provides enterprise and carrier solutions to the largestusers of telecoms services across the UK, US, continental Europe and Asia, andwholesale and residential broadband services in the UK through Bulldog. For more information about Cable & Wireless, go to www.cw.com About KeyTech KeyTech is a diversified telecommunications holding company focused largely onthe Bermuda market. Its key business segments are Bermuda Telecom CompanyLimited, M3 Wireless Ltd., Logic Communications Limited and Bermuda Yellow PagesLimited. For the financial year to 31st March 2006, KeyTech reported totalrevenues of BD$98.9 million and consolidated net income of BD$11.7 million. For further information: London:Clare Waters Director of External Affairs +44 (0)20 7315 4088Ashley Rayfield Investor Relations Director +44 (0)20 7315 4460Craig Thornton Investor Relations Manager +44 (0)20 7315 6225Antonia Graham Head of Corporate and UK PR +44 (0)7803 724 111Press Office Cable & Wireless +44 (0)1344 818 888Rollo Head Finsbury +44 (0)20 7251 3801James Wyatt-Tilby Finsbury +44 (0)20 7251 3801 Bermuda: Eddie Saints Chief Executive, C&W Bermuda +1 441 297 7101 Antonia Graham Head of Corporate and UK PR +44 (0) 7803 724 111 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CWC.L