Further to the Company Announcement issued on 18 January 2008, GO plc announced on 29 January 2008 that together with its majority shareholder Emirates International Telecommunications (Malta) Limited (EITML), it has acquired the total issued share capital of Forgendo Limited a company registered in Cyprus. The share capital in Forgendo Limited is split equally between GO plc and EITML.
Subject to the relevant regulatory approvals, Forgendo Limited has today entered into mutually binding share purchase agreements with each of Novator Equities Ltd (Novator), Cycladic Catalyst Master Fund and the Foundation of Research and Technology Hellas (Forth) for the acquisition of a total of 8,158,912 shares (approximately 21.00% of the total issued share capital) in Hellenic Company for Telecommunications and Telematic Applications S.A. (Forthnet) for a cash consideration of €93.8 million, equivalent to €11.50 per share. Forthnet is a Greek company listed on the Athens Stock Exchange.
Following the completion of the transaction Forth will remain a shareholder in Forthnet with 2,412,465 shares or 6.21% of the total issued share capital, while Forgendo Limited will become the single largest shareholder with a 21% shareholding. GO plc noted that completion of the transaction is conditional upon Greek regulatory approvals.