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Shareholders Say OK To Tesco Buy In |
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Written by Adam Gosling
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Tuesday, 02 January 2007 |
The shareholders of Australian-listed VoIP whitelable network
provider, Freeshrtel have given the go ahead for the company to sell more than
17 million shares to it major English customer.
Tesco, a leading retailer in the United Kingdom, is also in the
process of spreading internationalising its business, potentially placing
Freshtel in a position to attack new markets with its VoiceDot VoIP network, though the additional capital is to be used for product development acording to the company.
The deal for Tesco to acquire 17,135,453 shares to Tesco
PLC, at $0.72 was officially approved by Freshtel shareholders at an Extraordinary General Meeting held on the 22nd December.
The placement will raise approximately A$12.3 million, which
Freshtel says will be used for software development, consumer hardware
co-development and network infrastructure and development associated with the
converged VoIP mobile solution presently being developed by the Freshtel.
The placement was initially announced in November subject to shareholder approval. It takes Tesco's holdings in Freshtel stock to 12 per cent up from 6 per cent.
Les Taylor, Chairman of Freshtel said "We are delighted that
Freshtel shareholders appreciate the significance of our strategic alliance
with Tesco and the enormous global opportunity we have before us.
"We look
forward to continuing to work closely with Tesco to maximise the value of the
foundation that Freshtel has created to date. It will be a pleasure to welcome
Andy Dewhurst, CEO of Tesco Telecoms, to the Freshtel Board in 2007 where I'm sure
he will make a terrific contribution," he said.
www.freshtel.net
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