Telecom Plus PLC
11 May 2006
Telecom plus plc
Investment in Oxford Power Holdings
International Power plc ('IPR') has today announced the purchase of a 30% stake
in Oxford Power Holdings Ltd ('OPH') for £7.25m. The shares have been purchased
from existing shareholders other than Telecom Plus. The price paid represents a
current value for OPH of approximately £24 million.
Telecom Plus has today exercised its warrants and anti-dilution rights at a cost
of £8,694 to increase its shareholding in OPH to 20%. The total cost of its
investment in OPH now amounts to £1.05m, compared with the implicit value of
£4.8m placed on it following the investment by IPR.
IPR also has a call option which gives them the right to acquire the remaining
70% in 2009. The price to be paid on such exercise will be calculated using an
agreed formula.
This information is provided by RNS
The company news service from the London Stock Exchange