News blog
Spiritel
- BY: Andrew Hore |
- POSTED: 21/10/2008 |
Penta Capital has converted £550,000 of debt into shares in Spiritel at 1.5p a share.
That means that Penta has converted a total of £3.15m of debt into shares in the business telecoms services provider. Spiritel still owes Penta £7.85m, which has waived interest on the loans thereby saving Spiritel £800,000.
The conversion price was at a 54% premium to the previous day’s closing price. The shares rose 0.15p to 1.125p after the conversion was announced.
Spiritel raised £370,000 from a placing at 1p a share on 16 October. This enabled Penta to swap the debt for shares while maintaining its 49.99% stake prior to the placing.
The shares are trading on just over three times forecast earnings for 2008-09.
Virgin Mobile’s 118 918 directory enquiry service, which is provided and managed by Spiritel, won ‘Best Newcomer’ at the International Directories Awards in Las Vegas earlier in October.
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