News blog

Teliti International Ltd

  • BY: Andrew Hore |
  • POSTED: 21/06/2013 |

IT and datacentre services provider Teliti International Ltd has asked for trading in its shares to be suspended following the resignation of two non-executives and its inability to raise additional finance.

Maurice Keane and Brian Rowbotham have resigned and work on the completion of phase 1 of the company’s datacentre has not started. This means that the datacentre is unlikely to open before the middle of 2014. Teliti may consider the sale of the datacentre.

Teliti has spent RM113m on phase 1 but requires a further RM41m to be spent. Teliti has raised RM65m to cover these costs so it requires RM89m to pay for what has been done and complete the datacentre. However, the funding already secured cannot be accessed until a certificate of completion and compliance is awarded. Phase 1 covers the first three rooms and phase 2 would add a further 13 rooms. Teliti needs to pay RM44m of the costs before this can happen.

All this has affected the cash position of the group. Talks with a potential finance provider will take another two months to resolve. 

At 39.5p a share, Teliti is valued at £9.2m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2013_45.pdf

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