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Teleunit

  • BY: Andrew Hore |
  • POSTED: 20/02/2009 |

Italian telecoms company Teleunit plans to cancel its Aim quotation.

The share price more than halved from 1.13p to 0.53p each, which values Teleunit at £980,000.

The controlling stake in mobile telecoms content business Neomobile is worth more than the Teleunit market capitalisation.

Teleunit joined Aim on 26 May 2004 at a placing price of 20p a share. It has disappointed a number of times since then and the share price has been hammered. A dispute with Telecom Italia have not helped although this appears to have been settled.

Teleunit does not believe that any recovery in its performance will be fully reflected in its share price. It also says that it will not be able to raise cash without heavy dilution to existing shareholders.

The cancellation will save £60,000 a year.

The general meeting to gain shareholder approval for the cancellation will be held on 23 March.

Daniel Stewart will be retained to help create a matched bargain market in the shares.

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