On 7 December, GO plc announced that Forgendo Limited (the joint venture company between GO and its majority shareholder Emirates International Telecommunications) increased its shareholding in Forthnet through an acquisition of a further 1,299,439 shares for a total consideration of €694,196 equivalent to €0.534 per share. Following this additional purchase of shares via the Athens Stock Exchange, Forgendo’s equity stake in Forthnet has increased from 39.88% to 40.71%.
Recently Forthnet announced that Cyrte Investments GP I B.V. also purchased a total of 21.8 million shares and now ranks as the second largest shareholder in the Greek telecoms company with a 24.3% stake representing 37,807,737 shares.
Forthnet’s share price had declined to a low of €0.35 on 23 November but has since recovered by 80% to €0.63. Despite this recent upturn, the share price of Forthnet has so far dropped by 49.6% in 2010