On 30 December, Melita Capital plc issued a Company Announcement stating that the Company’s consolidated financials for the year ending 31 December 2009 are in line with those projected in the Prospectus dated 4 September 2009. This is mainly due to the results of its wholly-owned subsidiary, Melita Infrastructure Ltd, which already secured additional valuable bandwidth supply contracts commencing in 2010.
On the other hand, the results of Melita Mobile Ltd (in which Melita Capital has a 30% shareholding) are expected to be lower than forecasted due to the slower sales and the repositioning of its product offerings. Nonetheless, this decline is not expected to have a material effect on the results of Melita Capital plc and it will not impede the ability of the Company to meet the interest payment arising on the Bond. Management stated that this deviation is only temporary and the Company is confident that the Mobile business will achieve the targets set for next year. In fact, management reported that the rapid growth of subscribers over the past months augurs well for 2010.
The Directors also announced that Stephen Wright will be stepping down from CEO and will be replaced by Andrei Torriani who originally joined the Melita Group as Managing Director of Melita Mobile Ltd and Chief Operating Officer of Melita plc in July 2009. This change in top management will take effect on 1 January 2009.