News blog
Teleunit
- BY: Andrew Hore |
- POSTED: 07/03/2008 |
Italian telecoms company Teleunit has come to an agreement about the money owed to it by Telecom Italia.
Teleunit will receive €7.1m in cash – although that includes VAT – and it could get a further €2.7m depending on a ruling by the Italian telecoms regulator in a few months time.
The cash payment isn’t as much as Teleunit is owed but at least it will have a stronger balance sheet. This has been going on for four years and at the end of June 2007 Teleunit had debtors of €28.76m and net debt was around €14.5m.
Teleunit has also agreed a new premium access contract with Telecoms Italia.
The shares jumped 1p to 3.75p on the news, which values Teleunit at £6.97m – equivalent to €9.3m. The net asset value at June 2007 was €21.8m, although that could fall depending on any write-offs relating to the rest of the money owed by Telecoms Italia.
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