Vote of Confidence from Largest Shareholder
For immediate release
4 September 2006
Vote of Confidence in Teamtalk from its Largest Shareholder
Listed mobile radio company TeamTalk will soon be welcoming a number of new ‘old’ shareholders to its register, in a move which will improve the company’s accessibility.
Active Equities Ltd (AEL), TeamTalk’s largest shareholder, has just announced a partial share buy-back which will see AEL shareholders paid in TeamTalk shares. Under the proposal AEL shareholders will directly hold a total of approximately five million TeamTalk shares.
AEL will remain TeamTalk’s largest shareholder with approximately 4.96 million shares (24.8% of TeamTalk’s equity).
TeamTalk’s Managing Director David Ware, is delighted with the proposal saying it was a real vote of confidence in TeamTalk, which had been an extremely successful investment for AEL.
“And from TeamTalk’s point of view, one of the problems we’ve always had is that our shares have always been tightly held – meaning small transactions bounce the share price around and decent parcels of shares are difficult to obtain,” Mr Ware said.
“Active Equities’ plan will see our shares in the hands of a lot more investors, some of whom are likely to sell, thereby improving our share liquidity and overall accessibility to outside investors,” he said.
“And what’s more, while AEL’s shareholder will be new to our register, many will come with a seven-year history of involvement with TeamTalk - since well before we listed.”
Mr Ware said he was delighted AEL directors Paul Collins and Geoff Davis have indicated their willingness to continue as directors.
“AEL has been a superb partner for TeamTalk for the past seven years and with their help the company has gone from strength to strength. We’ve got some very exciting plans and Paul and Geoff will remain key board members going forward.”