Eckoh Technologies PLC
22 June 2006
For immediate release 22 June 2006
Eckoh Technologies plc
Recommended cash offer for Symphony Telecom Holdings plc ("Symphony")
Eckoh Technologies plc ("Eckoh"), one of Europe's leading speech application
service providers, today announces that the Board of Symphony and the Board of
Redstone plc ("Redstone") have reached agreement on the terms of a recommended
offer to be made by Evolution Securities Limited, on behalf of Redstone for the
entire issued share capital of Symphony. The offer is being made on the basis of
54.5p in cash for each Symphony ordinary share at a premium of 14.7% to
yesterday's mid-market closing share price and 32.9% compared to last
September's placing price of 41p per ordinary share, valuing the entire issued
and to be issued share capital of Symphony at £17.3 million. Eckoh has an
interest in 20,099,999 ordinary shares representing 64.6% of the issued ordinary
share capital of Symphony.
Symphony has today announced its results for the year ended 31 March 2006,
reporting an operating loss of £0.3 million on turnover of £61.3million. As at
31 March 2006, Symphony had net assets of £4.4 million, including cash balances
of £4.5million.
The Eckoh Board has undertaken to accept the Redstone offer, which will realise
approximately £11.0 million in cash for Eckoh, the proceeds of which will be
placed on deposit.
Redstone is a leading provider of telecoms and IT solutions for businesses and
organisations of all types and sizes.
Notice of Preliminary Results
Eckoh Technologies plc will announce its preliminary results for the twelve
months ending 31 March 2006 on Tuesday 27 June 2006.
A meeting for analysts will be held at 9.30am at the offices of Buchanan
Communications, 45 Moorfields, London, EC2Y 9AE on Tuesday 27 June 2006.
Eckoh Technologies plc Tel: 08701 100 700
Martin Turner, Chief Executive Officer
Nik Philpot, Chief Operating Officer
Adam Moloney, Group Finance Director
Buchanan Communications Tel: 020 7466 5000
Mark Edwards/Jeremy Garcia
Corporate Synergy Tel: 020 7448 4400
Brian Stockbridge
This information is provided by RNS
The company news service from the London Stock Exchange
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