Last checked at 25 Oct 2017 08:00
25 OCTOBER 2017
ORIENT TELECOMS PLC
("Orient" or the "Company")
Admission to Trading and First Day of Dealings & Publication of Prospectus
Orient Telecoms Plc (LSE:ORNT), a company established to provide managed telecommunications services using the network infrastructure owned by other network operators, is pleased to announce that its entire issued ordinary share capital consisting of 10,000,000 ordinary shares of 10 pence each (the "Ordinary Shares") will today be admitted to the Standard Segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange plc's Main Market for listed securities (together, "Admission"). Dealing will commence at 8:00 a.m. today, 25 October 2017, under the TIDM code "ORNT" (ISIN: GB00BYPHCZ29).
Highlights
· Orient was incorporated with the intention of providing managed telecommunications services using the network infrastructure owned by other network operators to enable cost effective and rapid connectivity to large bandwidth consumers initially in Singapore and subsequently within other Southeast Asian countries.
· The Company aims to be a new regional network telecommunications provider offering connectivity and selling managed network services across Southeast Asia. The Company's service offering and the construction of its overlay network will require low capital expenditure and management believe this will enable it to offer attractive pricing to customers in the region.
· The Board, comprising Mark Richard Logan Pincock (CEO), Sayed Mustafa Ali (CTO), Ross Andrews (NED) and Leon Santos (NED), believe that their broad collective business experience and their network of contacts within the region will enable the Company to pursue its strategy.
Availability of the Prospectus
The Prospectus has been approved by the UK Listing Authority and is available for inspection at http://www.morningstar.co.uk/uk/NSM
Copies of the Prospectus are also available at the Company's registered address at Suite A, 6 Honduras Street, London EC1Y 0TH and on the Company's website at http://www.orient-telecoms.com/page/uploads/prospectus.pdf.
Terms used in this announcement which are not defined herein shall have the same meanings as set out in the Prospectus.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Publication of the Prospectus 13 October 2017
Admission and commencement of dealings
in Ordinary Shares 8.00 a.m. on 25 October 2017
CREST members' accounts credited
in respect ofOrdinary Shares 8.00 a.m. on 25 October 2017
PLACING STATISTICS
Total number of Ordinary Shares in the Placing | 9,000,000
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Total number of Ordinary Shares in issue following the Placing and Admission | 10,000,000 |
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Placing Price per new Ordinary Share | £0.10 |
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Estimated Net Proceeds receivable by the Company | £775,000 |
Orient Telecoms Plc's CEO, Mark Pincock commented:
"Orient Telecoms Plc's strategy is to develop a range of customer led end-to-end solutions in relation to outsourcing and managed services in the information and communication technology industry within Southeast Asian countries.
The management team of the Company have significant experience in the Telecommunication sector specifically in Singapore and South-east Asia region. The Directors have already initiated discussions with several current fibre optic infrastructure owners within the region in respect of the use of their infrastructure.
The growing number of new technology-services companies offering online applications services will seek reliance on an outsourcing model such as the one provided by the Company for quick and efficient solutions for their communication needs. I strongly believe that there is a demand from customers for having a managed service which outsources the integration and complexities of dealing with different service providers within the region".
For more information:
Orient Telecoms Plc |
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Mark Pincock | mark@orient-telecoms.com |
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Optiva Securities Ltd |
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Jeremy King | +44 (0) 20 3137 1902 |
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