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Cabletalk Group Completes Key Transaction

Auckland, 3 September 2001 – Cabletalk Group Limited (NZSE CTG) today announced that it had settled its key transaction, the acquisition of Cabletalk Astute Network Services (CANS).

The $15.352 million purchase price for telecommunications network service company, CANS, comprises $4.484 million payable in cash and the balance in new Cabletalk shares at an issue price of $0.50 per share

Cabletalk now has 36,135,900 shares on issue and 1,050 shareholders on its register, 140 of whom are staff. Chairman Ross Keenan said that from the Company’s perspective, it had met the requirements for migration to the main board, the timing of which now rested with the NZSE.

“After completing this transaction Cabletalk has, a strengthened balance sheet, a significant resource base of skilled service technicians, an experienced management team and an advanced call management and despatch system. These will allow CANS to quickly consolidate its position as a reliable and trusted specialist contractor to telecommunications network operators, establishing a strong and defensible market position on which to build shareholder value.”

ENDS

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