Company will consolidate each fifty existing shares into one ordinary share
London, UNITED KINGDOM– 9 May2013–euNetworks Group Limited (SGX: H23.SI), today announced that it is proceeding with a 50-to-1 share consolidation following the proposal by the Company made on 2 April 2013 and approved by shareholders at an Extraordinary General Meeting held on 24 April 2013. The share consolidation will reduce the number of shares in issue from 22,568,636,177 to 451,372,723. The Book Closure Date for the share consolidation will be 30 May 2013, and the consolidation will be effective the following day.
“euNetworks is an infrastructure based telecoms business which has demonstrated consistent quarter-on-quarter adjusted EBITDA growth. Despite our healthy performance and relative company size, certain institutional investors are unable to participate in our long-term outlook,” said Brady Rafuse, Chief Executive Officer of euNetworks. “We believe the volatility of our share price as a ‘penny stock’ limits the potential for stability and growth in shareholder value. This share consolidation is one step available to us to improve our overall capital structure and we thank our shareholders for their support through this process.”
About euNetworks
euNetworks Group Limited (SGX: H23:SI) is a bandwidth infrastructure provider, owning and operating 13 fibre based metropolitan networks across Europe connected with a high capacity intercity backbone covering 38cities in 9 countries. The Company offers a portfolio of metropolitan and longhaul services including Colocation, Dark Fibre, Metro Wavelengths, Wavelengths, Ethernet, and Internet. Enterprise and carrier customers benefit from euNetworks’ unique inventory of fibre and duct based assets that are tailored to fulfil their high bandwidth needs.
euNetworks Group Limited is headquartered in London and publicly listed on the Singapore Stock Exchange. For further information please visit www.eunetworks.com.
euNetworks Investor and Press Contact:
Hannah Fox|Marketing Director |euNetworks
15 Worship Street|London EC2A 2DT
hannah.fox@eunetworks.comemail|hannah_britt skype
+44 20 7952 1338 office|+44 7717 896 446 mobile
PR Archives: Latest, By Company, By Date