Completion of GBP 5m Offer

RNS Number:3391S
Teleset Networks PCL
15 April 2008



15 April 2008

                     Teleset Networks Public Company Limited

                          ("Teleset " or the "Company")

                   Completion of £5.0 million Pro Rata Offer

Teleset Networks PCL is pleased to announce the successful closing of its pro 
rata offer to shareholders on 14 April 2008.

The offer, which was announced on 5 March 2008, was over-subscribed and excess 
share applications have been scaled back accordingly.  The pro rata offer has 
enabled the Company to raise £5.0 million via the issue of 20 million new 
ordinary shares at 25 pence per new ordinary share of EUR 0.02.

The Company confirms that these 20 million new ordinary shares have been issued 
and allotted, and will be admitted to trading on AIM on Friday 18 April 2008.

The total number of ordinary shares in issue following this issue 
is 157,556,715.

Following the pro rata offer the Company has the following shareholders 
holding more than 3%:

Manglis Holdings Limited:                                                 24.44%

Templeton Strategic Emerging Market Funds II:                             20.54%

F & S Telecom Limited:                                                    15.22%

Celltech Limited:                                                         12.39%

Black Sea Trade & Development Bank                                         6.05%

Teledev East Limited                                                       5.39%

Court Holdings Inc                                                         3.04%

CONTACT

Teleset Networks                                                 [phone]
Yiannis Demetriou

Blue Oar Securities Plc - Nominated Adviser                     [phone]
John Wilkes / Shane Gallwey / Toby Gibbs

Metropol (UK) Limited - Broker                                  [phone]
Alexander Selegenev

Bankside Consultants - Financial PR adviser                     [phone]
Simon Bloomfield or Steve Liebmann

About Teleset

Teleset is a leading private fixed-line telecom operator in the Republic of
Tatarstan, Russian Federation, where the business has been operating since 1996.

In Kazan, the capital of the Republic of Tatarstan, Teleset owns an all-digital
local network with current switching capacity of 130,000 lines. Its US$17
million acquisition of TNPKO in November 2006 improved its coverage of Kazan
where its market share is approximately 27 per cent for voice traffic and 29 per
cent for data traffic.

Management's strategy is to become Tatarstan's leading telecom operator and to
expand into other cities within the Russian Federation, both organically and
through carefully selected acquisitions. The US$10.8 million acquisition in
November 2007 of OOO Svyazinvest, the third largest fixed-line telecom operator
in Naberezhnie Chelny, was the first strategic move by Teleset outside Kazan.
Naberezhnie Chelny, where the Company has a market share of approximately 10 per
cent, is the second largest city after Kazan in the Republic of Tatarstan.

Another key objective is to generate incremental revenues from its network. To
this end, in August 2007 the company launched a new cable TV service in four
districts of Kazan, (Aviastroitelny, Kirovsky, Novo-Savinovsky and Privolzhsky),
with a total addressable market of approximately 250,000 flats. The Company
plans to roll out the service in the other three districts of Kazan.



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            The company news service from the London Stock Exchange

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