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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Big Sofa Technologies Group Plc | LSE:BST | London | Ordinary Share | GB00BZ1B7619 | ORD 3P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.55 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 7621t CABLE AND WIRELESS PLC 1st July 1997 CABLE & WIRELESS TO INCREASE OPTUS HOLDING TO 49 PER CENT Cable & Wireless announced today (1 July 1997) agreement in principle with BellSouth Corporation for Cable & Wireless to purchase its shareholding of 24.5% in Optus Communications of Australia. The acquisition would take Cable & Wireless' shareholding in Optus to 49%. Under the proposed transaction, Cable & Wireless would make a cash payment to BellSouth of A$980 million (#445 million) for BellSouth's 490 million shares and would subsequently transfer to BellSouth, subject to the agreement of OCCEL shareholders, an interest in Cable & Wireless' 22.3% shareholding in OCCEL, the mobile operator in Western Colombia. Simultaneously, Optus would issue 298.9 million options, each entitling Cable & Wireless to purchase one newly issued Optus share at a price of A$1.75. Based on current projections the average purchase price to Cable & Wireless is estimated to be A$1.89 per Optus share. After exercise of the options, Cable & Wireless' shareholding in Optus would exceed 50%. Richard H Brown, Chief Executive of Cable & Wireless said "This is a unique opportunity for us to manage Optus and add shareholder value. As a high growth, fully integrated telecommunications, information and entertainment company Optus fits well with our view of the future. Optus is already a successful business, growing market share in a highly competitive Australian market. More hard work lies ahead but, now that we can manage the company, we can apply our unrivalled experience in broadband communications around the world. I am confident Optus will continue as an Australian success story. "We have decided to dig our roots deeper in Australia where we can offer our customers a full range of integrated services, and to plan an exit from a dilutive wireless business in Colombia, where we cannot. This is a further example of our determination to increase shareholder value both immediately and in the future." The turnover of Optus Communications from the most recent published audited accounts for the year ended 30 June 1996 was A$1,944 million (#883.6 million), with profit before tax of A$60.3 million (#27.4 million) and net assets at that date were A$1,894.6 million (#861.2 million). This transaction is subject to a number of conditions including the approval of Australia's Foreign Investment Review Board. Ends Notes to Editors Optus Communications began operations in January 1992 as Australia's second telecommunications operator. It achieved its maiden full-year profit of A$60 million in 1995/6 and announced a first half profit of A$59 million for the six months to 31 December 1996. It has a fully digital fixed network, based on ultra-modern SDH technology. Its services include long distance and mobile services; local calls for business; data, fax and satellite services. Optus has secured an 18% share of the Australian long distance (national and International) market, with 1.9 million customers and 32% of the mobile market with 1.5 million customers. In March 1997, Optus took over 100% ownership of Optus Vision, which currently provides broadband pay TV services to more than 180,000 customers and passes more than 2 million homes in Sydney, Brisbane and Melbourne. This will allow Optus access to customers through the broadband local loop network. Cable & Wireless acquired its initial 24.5% shareholding (490 million shares) in Optus at A$1.00 per share. Cable & Wireless is one of the world's leading providers of international telecommunications services. Its businesses provide 15 million customers in 70 countries with a complete range of international, domestic and mobile communications. Cable & Wireless is the world's fourth largest carrier of international traffic, provides mobile communications in 30 countries and operates the world's largest, most advanced cableship fleet. Contacts at Cable & Wireless: Investor Relations: John Doherty, Tel: 0171 315 4460/4379 Media Relations: Peter Eustace, Tel: 0171 315 4495 Jennifer Weller, Tel: 0171 315 6759 END
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