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Engin Edges Toward 20% Of Unwired |
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Written by Adam Gosling
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Wednesday, 19 September 2007 |
Engin has announced further share acquisitions which boost its Unwired
shareholding to more than 19.8 per cent as ex-Chairman Steve Cosser
pockets some cash.
Spending more of the Seven Network group's money to snap up the
wireless carrier from "interests associated with Unwired's former
Director (and Chairman) Steve Cosser", Engin moved from its initial
holding of 11.37 per cent of ordinary shares in Unwired Group Limited
to nearly 20 per cent
The company says the acquisition was made in a series of transactions, mainly at 45 cents per share.
"As previously stated, the stake has been acquired for investment
purposes and should enable Engin, as a significant shareholder, to play
a prominent role in the development of wireless broadband technologies
across Australia," the company said in a statement to the ASX.
The pure-play residential VoIP provider is in the process of
diversification in an effort to position itself as a future triple play
provider. The copmany has already done a deal with Optus Communications
to offer retail DSL including naked DSL services and has plans to
import the hugely popular TiVo personal video recorder system from the
United States.
Lately it has shown more than a passing interest in wireless broadband
player Unwired which plans to migrate its Australian network footprint
to the mobile WiMAX standard in the new year.
Engin paid just 40 cents per share for the first 11.37 per cent of
Unwired, but was forced to increase what it is willing to pay now that
it has shown its hand. Shares in Unwired have risen from 25 cents since
late August.
Go here for more background on the original Engin share purchase.
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