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FREEDOM4 Group

  • BY: Andrew Hore |
  • POSTED: 17/03/2009 |

FREEDOM4 Group has developed WiMAX network coverage in Manchester, Milton Keynes and Warwick.

The company is already offering a combined WiFi/3G service but revenues were minimal in 2008.

Intel has invested 11.4m in the WiMAX joint venture - FREEDOM4 still has a 52% stake in the operation. The joint venture is trying to change its licence so that it also includes mobile services.

The company’s share of the joint ventures loss was 9.4m, including a one-off charge of 4.5m related to changes in roll-out plans. The ongoing monthly losses are at a much lower rate. The joint venture is valued at 5.1m.

Yet the share price does not reflect the strong market position in WiMAX.

At 1.75p a share, FREEDOM4 is valued at 18.1m. That is more than covered by the 4.6m in cash and the 18.6m loan note held by the company.

The loan note should be paid in October and the cash will be distributed to shareholders. That covers the current market value.

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