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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Teleunit | LSE:TLU | London | Ordinary Share | IT0003664080 | ORD EUR0.0125 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.35 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6441P Teleunit S.p.A 07 March 2008 Teleunit S.p.A. ("Teleunit", "TLU", "the Group" or "the Company") Settlement of Dispute Teleunit announces today that it has reached a legally binding agreement with Telecom Italia ("TI") in its long running dispute regarding overdue receivables owed, which was described in the FY2006 results and in the 2007 half year report. The settlement is worth Euro7.1 million in cash (VAT included). Subject to an AGCOM (The Italian Telecom Regulator) ruling, which is expected to take place in a few months, TLU will receive an additional Euro2.7 million. Furthermore, as part of the agreement, the new standardized Premium Access contract has now been signed with TI. Although the total outstanding receivables exceed the settlement sum, the Group's cash position has now significantly improved. The Management and Board of TLU are pleased to be able to put this matter behind them now, and move forward with the new aforementioned Premium Access contract that provides strong guarantees against this situation repeating itself, and that explicitly regulates future relations with TI. Moreover we will now be able to focus on using the expanded cash resources of the Company in support of our various fast growing initiatives. The accounting treatment of this settlement for the Group will be the subject of a further announcement in the near future. Gianfranco Cimica, Chief Executive Officer of the Teleunit Group, said: "The extensive litigation with Telecom Italia regarding these overdue receivables has lasted for more than four years, has had a damaging impact on the Group's strategic and commercial choices and has been a severe drain on the senior management of the Group. I am pleased to report that the Group's risk profile is now substantially improved, its cash position is healthy, and that we can now look to the future with renewed optimism and confidence." For further information: Teleunit S.p.A Gianfranco Cimica, CEO Tel: + 39 075 528 3939 Daniel Stewart & Company plc Paul Shackleton Tel: + 44 (0) 207 776 6550 This information is provided by RNS The company news service from the London Stock Exchange END MSCZDLFBVXBLBBZ
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