First Day Dealings
20 Februar 2006 - 11:00AM
UK Regulatory
tRNS Number:6311Y
Elitel Telecom S.p.A.
20 February 2006
For Immediate Release 20 February 2006
ELITEL TELECOM S.p.A.
First Day Dealings
Nominated Adviser and Broker
Charles Stanley Securities
Elitel Telecom S.p.A., ("Elitel" or the "Group"), the independent Italian
telecommunications group, is pleased to announce its flotation on AIM. Dealings
in Shares commence today.
* Based on the Placing Price of 130p, the market capitalisation of the
Fund on commencement of dealings was #49.5 million.
* Gross proceeds of the Placing and gross Subscription amount are
approximately #8.0 million.
* The Company's ticker symbol will be ETM.
A summary of the key points follows:
The Business
- Elitel is an independent Italian telecommunications group. It provides a broad
range of voice, data and broadband services, including voice-over IP ("VoIP"),
to both businesses and residential customers.
- The Group also provides wholesale telecommunications services to others
carriers, including Telecom Italia, and to international call services
specifically for the Italian ethnic market and telecommunications services to
premium content providers.
- Elitel's network, which covers the whole of Italy, is based on interconnection
agreements and access through the leasing of lines from carriers.
- The Company was established as a telecommunications company in Italy in 1998
following the deregulation of the Italian telecoms sector and the granting of
fixed line licences by the Italian government.
- Between 2001 and 2003 the Group expanded through the acquisition of a number
of regional telephony operators. Elitel has emerged as an integrated,
full-service, national operator.
- During 2003 and 2004 the Group strengthened its management team an focused on
the commercial development of the business, targeting new product and markets.
The Group's emphasis began to change from more traditional telephony services to
new, emerging technologies and services, while at the same time entering new
specific markets within the telecommunications sector.
- The Group started investing in the development of VoIP in 2003 and launched
its first commercial service in March 2004. 95 per cent of the revenues are
generated from business customers. By 31 December 2005, VoIP en users had risen
to 9,284.
Mr Elserino Piol, Chairman of Elitel Telecom S.p.A. commented:
"We are extremely pleased to have successfully completed our flotation on AIM.
We believe that Elitel presents an exciting investment proposition and that by
being a publicly quoted entity we will be able to maximise the benefits of our
rapidly expanding market. We look forward to updating our shareholders, old and
new, on our progress in due course."
For further information, please contact:
Elitel Telecom S.p.A +39 02 441 041
Federico d'Este (Chief Executive)
Ezio Ravaccia (Chief Financial Officer)
Buchanan Communications +44 (0)20 7466 5000
Isabel Podda/Jeremy Garcia
Charles Stanley Securities +44 (0)20 7953 2000
Russell Cook/Freddy Crossley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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