News blog
Teleunit
- BY: Andrew Hore |
- POSTED: 20/08/2008 |
Teleunit still has not completed the sale of a minority stake in mobile content services supplier Neomobile.
The Italian telecoms company is expecting to receive €11m in cash and a loan of €12m in return for selling 32% of Neomobile to a bank-owned venture capital firm and the mobile content company’s own management.
This was announced two months ago but Teleunit is still in talks with its banks over a €13m loan (the €12m loan that is part of the transaction plus another €1m for expenses). They want “more time to analyse the credit structure and conditions of the loan”.
Teleunit still has to receive regulatory approval for the transaction but believes that it shouldn’t be a problem. There is no guarantee that the transaction will go ahead.
Neomobile had a strong first half that was ahead of budget and the purchasers of the stake still appear to be interested.
At 2.875p a share, Teleunit is valued at £5.35m. That is just over half the 2007 net asset figure of €12.5m, although that includes €3.1m of intangible assets. The sale of the Neomobile stake should boost that asset value.
In 2007, Teleunit lost €1m, even before €9.1m of exceptional costs. Neomobile’s profits helped to offset the losses in the other parts of the business. Net debt was €11.3m.
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