PTEL NEWS - SHOW ME A PR THAT IS BETTER THAN THIS
Petel Incorporated Acquisition triggers $207M stock dividend to shareholders
Monday, 04 June 2007
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.
Disclaimer: My comments are purely my opinion, may change at any time based on market & other conditions. Do your own due diligence before purchasing or selling any stock. Do not buy or sell a stock based on my opinion.
