20 Nov 2015 15:25
The People's Operator plc
("TPO" or the "Company")
Result of Annual General Meeting
The People's Operator (AIM: TPOP), the cause-based commercial mobile virtual network operator, announces that at its Annual General Meeting held today all resolutions put to shareholders were duly passed.
As detailed in the AGM statement released earlier today, resolution 9, proposing the re-appointment of Gary William Hughes as a director of the Company, was withdrawn after his decision to step down from the Board.
For further information
The People's Operator plc Nick Dashwood Brown, Head of Investor Relations
| 020 7251 6648 |
finnCap Ltd Stuart Andrews / Christopher Raggett / Simon Hicks
| 020 7220 0500 |
About The People's Operator
The Company was founded in 2012 and currently offers customers pay monthly ("PAYM") and pay-as-you-go ("PAYG") mobile contracts. These contracts are competitively priced and allow users to direct 10% of their monthly bill to a cause of their choosing at no additional cost to themselves. In addition, The TPO Foundation, a UK registered charity, will receive 25% of the UK trading profits generated by The People's Operator LLP. A similar structure is proposed to be adopted in other countries.
The strategy of the Group is to maintain a low fixed-cost base, small staff numbers and lower levels of advertising and marketing expenditure than its competitors. In addition, as TPO operates as an MVNO, the Group is not expected to be exposed to the high infrastructure costs and large capital investment charges that traditional mobile operators can incur. This strategy is expected to enable the Group to offer customers a highly competitive pricing model with a high quality of service, whilst generating an attractive return to shareholders after donations to causes.
TPO has developed partnerships with community organisations and causes who promote TPO's products to their supporters. Under the direction of Jimmy Wales, the founder of the online encyclopaedia Wikipedia, the Company is also developing an online viral community to expand the global network of mobile phone customers who share in the common belief of supporting causes.
The Directors believe that this strategy is scalable into new markets around the world which offer competitive wholesale mobile network bandwidth prices and where subscriber acquisition and revenue growth can be driven quickly at a low incremental cost once network agreements have been concluded with local network operators.
For more information, visit: https://www.thepeoplesoperator.com.