Phoenix Copper Share Discussion Threads

[bubface] 08/2/2008 19:01

business' worth £85m??? think more like £120-130m.with £85m they reckon £200m payout.with £120m,therefore £235m to payout.about 10p equivilent per share,then there is freedom4.maybe a tender for 80% of outstanding at 11p,leaving wimax and small cash for the 20% shares left outstanding.

[vivgav] 08/2/2008 18:57

so how many pennies can we expect?

[bubface] 08/2/2008 18:55

Pipex shareholders closer to windfall
By Emma Thelwell
Last Updated: 3:37pm GMT 08/02/2008



Pipex shareholders are one step closer to a windfall worth as much as £200m, after the telecoms group revealed today that it is in advanced talks over the sale of its hosting and networking arm.



The group, which began a strategic review with adviser UBS in March, said it had received a number of offers for the business, worth around £85m, and is now in the final stages of a sale with one potential buyer.

Pipex already sold its broadband business to Tiscali for £210m last September and has used the cash to wipe out £90m of debt.

Should the sale of its hosting and networking business go through, Pipex plans to add the proceeds to the remains of those from the broadband sale, and return the capital to shareholders, after clearing possible further debts.

The group's fledgling wireless unit would be all that is left of Pipex, and would represent a fundamental change to the business under the rules of the Alternative Investment Market - forcing it change its name and seek shareholder approval for the deal.


The wireless business owns licences to offer broadband services using the long-distance technology known as WiMax. It already operates under the name FREEDOM4, a joint venture between Pipex Communications and Intel Capital.

Pipex told shareholders today that should they approve the sale of the hosting and networking arm at a general meeting in March, the group would rename itself FREEDOM4 Communications.

It said today: "We believe the wireless joint venture continues to represent a long-term growth opportunity, although it is still at an early stage in its development."

FREEDOM4 currently provides WiMax services for Nokia Siemens, Ericsson and National Grid Wireless, among others.

However, analysts at Goldman Sachs recently noted the capital risk in the roll-out of WiMax.

[troys] 08/2/2008 17:36

Not enough small shareholders to make much difference IMHO

[bubface] 08/2/2008 17:16

it's a legal technicality that needs shareholder approval and a court visit to be able to distribute the cash.

[sweepsmate] 08/2/2008 16:07

Having just read the announcement put out be Pipex it sounds to me like they are trying to pull the wool over our eyes and that they do not intend to return the money they got from Tilscali. Am I reading this wrong? Because in September it was a forgone conclusion that the proceeds from the sale were going to be distributed to shareholders, it was just a case of when! Now it seems that the companies act won't allow them to do this! Or are they just using this as an excuse.
What is mean't by capital reduction is this another term for share consolidation or just a way of reducing the share price.

[buywell2] 08/2/2008 15:58

I think PXC management are the only ones who will probably do well with this stock

[spights] 08/2/2008 15:54

I hope not:o(

[veryoldbob] 08/2/2008 15:36

"Following receipt of a number of indicative offers this sale process is now at an advanced stage with a single potential purchaser."

Now I wonder who that "single potential purchaser" is? My money's on OCL...

[propane] 08/2/2008 15:24

Pipex receives offer for hosting, network units; says group not for sale
AFX


LONDON (Thomson Financial) - Pipex Communications PLC said it has received offers for its hosting and network services divisions and that the sale process is now at an advanced stage with a single potential buyer.

The provider of telecommunications and Internet services said it is not in discussions with any party about an offer for the group and it is no longer considering a potential sale of the group as a whole.

Pipex Communications said if the sale of its hosting and networks services divisions are completed, its remaining operations would consist solely of the wireless joint venture, which it believes continues to represent a long-term growth opportunity, although it is still at an early stage in its development.

At the same time the company announced a share reduction, which requires court approval, and would effectively free up the proceeds made on Pipex's sale of its broadband and voice operations last year to Tiscali SpA, for return to shareholders.

Pipex said: 'The capital reduction itself will not involve any distribution or repayment of capital or share premium by the company and will not reduce the underlying net assets of the company.'

It said it intends to change its name to Freedom4 Communications PLC prior to the expiry of the licence for using the name Pipex, on March 13 2008 and implement the capital reduction.

Both these moves require shareholders approval at the general meeting which will be held on March 3.

[troys] 08/2/2008 15:05

Lets hope you are right bubface :-)

[bubface] 08/2/2008 14:45

troys make you right,but it probably works on tax angle.think the market can't work out the value here though,think will be all worth well over 10p once finalised,and we are now near the finish post [at long last]

[troys] 08/2/2008 14:41

What a long winded way of breaking up the company. Muppets!

[bubface] 08/2/2008 14:38

confirmation of disposal and price will be before meeting,so will be able to see what we are going to get.notice it's a tender offer as per distribution.so they will offer to buy est 80% of company back.and what's not accepted for tender will be renamed freedom4 communications,and carry on with the wimax biz.

[growthhunter] 08/2/2008 14:34

there not getting my approval till i get my 24p

[zimbi] 08/2/2008 14:26

nout til 20 march

[bubface] 08/2/2008 14:24

these are a steal,stand by my estimate [more likely vob's].adding.

[lloydc] 08/2/2008 14:23

whats going on here then news ic any thoughts where this is heading anybody

[zimbi] 08/2/2008 14:19

hmmmmmmmmmmmmmmmmm

[ps0u3165] 08/2/2008 12:25

bw2

'BT hurting this ?'

Hows that?

[buywell2] 08/2/2008 11:28

BT hurting this ?

7p coming again ?

[mattaltass] 08/2/2008 10:34

so where is our £190M?

[veryoldbob] 08/2/2008 08:17

One good thing has come out of the sale at least!


"Tiscali has bid goodbye to David Hasselhoff, the "king of the internet" who fronted the TV advertising for its subsidiary Pipex, as it launches a new web portal it hopes will be the "homepage for small businesses".

The Italian internet service provider has been mulling how best to position the Pipex brand since acquiring the operation for around £190m in July last year."

[bamboo2] 06/2/2008 19:56

pipex mentioned a few times recently on thus board if interested. they're having a difficult time with share price too. i sold my remaining pxc shares a few weeks ago as have little faith in the markets now. cant believe a cash rich co like pxc is still being shorted so much. good luck to holders.
ps did wonder if thus did get pxc, whether oakley might then bid for thus!