PTEL... HUGE NEWS! $204 MILLION
Petel Acquisition triggers $207M stock dividend to shareholders
Petel Incorporated Acquisition triggers
$207M stock dividend to shareholders
(Pink sheets: PTEL.pk)
Petel Incorporated today announces the agreement to acquire a further
company into the Petel Group. The new addition to the Group will
provide Petel Incorporated with the vehicle to build a global,
non-adult, broadband broadcast television corporation.
The acquisition company is listed on a UK stock exchange and will not
be identified until it has completed a required reorganisation.
Funding of the acquisition will be via a like-for-like share exchange
between the two companies. The transaction will result in a strike
price of £0.75 ($1.50) for the acquired company shares. The acquired
company will issue over 138 million shares to existing Petel
Incorporated shareholders, resulting in a dividend stock issuance
valued in excess of $207M.
It is anticipated that the company will be identified week commencing
11th June 2007, the proposed record date.
In summary:
? The acquired company will become a subsidiary of Petel Incorporated.
? The company will be acquired into the group via a like-for-like,
1-for-1 share exchange.
? All existing Petel Incorporated shareholders at date of record will
receive one share in the newly acquired company for each Petel
Incorporated share they own, with a strike price of £0.75 ($1.50).
? Further details and the identity of the acquisition will be
published week commencing 11th June 2007.
Petel Incorporated CEO David Morton comments ?We are very pleased to
have successfully concluded the negotiations for this acquisition. The
new addition adds massive value to our operation, both in terms of
product and resource, and will open significant new markets to the
Company. In addition, it is gratifying to be able to deliver a
valuable dividend to our shareholders and supporters?.
Petel Incorporated?s five year forecasts and business plan are
included in the Corporate Overview, published on the Investor
Relations page at www.petel.co.uk
For more information please visit
www.petel.co.uk
Or email
enquiries@petel.co.uk
