ReAdmissionToOfficialList,etc
Intec Telecom Systems PLC
16 June 2000
Not for release, publication or distribution in, or into, the United States,
Canada, Australia or Japan.
Intec Telecom Systems PLC announces admission to listing on the Official List of
the UK Listing Authority, inclusion in the techMARK index and to trading on the
London Stock Exchange.
(SEAQ Code: ITL)
Intec Telecom Systems PLC (the 'Company') today announces its admission to
listing on the Official List and commencement of unconditional trading on the
London Stock Exchange. The Company will also be included on the techMARK index,
an index dedicated to innovative technology companies. The Company will be
classified under the software sector.
This follows the announcement on 9 June 2000 that the Global Offer of 24,570,178
Ordinary Shares in the Company was approximately ten times oversubscribed. The
offer price was set at 205p per Ordinary Share, the top of the indicative price
range, valuing the Company at approximately £300 million.
Kevin Adams, Intec Telecom Systems' Chief Executive, commented: 'The
oversubscription and successful listing is evidence that there is growing appeal
in well-founded high-tech businesses for the investment community. Investors
have made it clear to us that they are still very interested in software and
telecoms companies with a strong, long-term business plan and the proven ability
to execute it.'
Robert Fleming & Co. Limited is acting as sole Sponsor, Lead Manager and
Bookrunner for the Global Offer. Investec Henderson Crosthwaite is acting as
Co-Lead Manager. The Global Offer is now wholly unconditional.
For further information:
Intec Telecom Systems PLC +44 (0) 1483 745800
Andrew Rodaway +44 (0)7768 808082 (mobile)
Kevin Adams, Chief Executive +44 (0) 468 172277 (mobile)
Robert Fleming & Co. Limited +44 (0) 20 7638 5858
Simon Gorringe
Edward Roskill
Arjun Khullar
GCI Financial Group Limited +44 (0) 20 7398 0800
Roger Leboff
Sally Streeter
Notes to Editors:
About interconnection
Telecommunication networks cannot exist in isolation. Telecommunication traffic
(telephone voice and data calls) must be able to pass from one telecommunication
operator's network to another, for example from a fixed line operator to a
mobile operator or from a national to a regional operator or a national operator
to an international operator. Charges, known as interconnect charges, are
payable, usually by the operator originating the call, for the use of the other
telecommunication operators' networks in order to terminate a call at its
destination.
An interconnect billing and settlement solution is a system for managing the
calculation of charges levied between telecommunication service providers for
carrying and terminating other telecommunication operators' traffic on their
network and supporting the accounting process between them. It must be capable
of calculating charges for the millions of telephone calls passed between
telecommunication operators each day.
Intec Telecom Systems PLC
Intec Telecom Systems and its subsidiaries ('the Group') is the world's leading
provider of third party packaged interconnect billing and settlement software in
terms of market share with more installations and more telecom operators using
its software than any competitor. The Group's core product is InterconnecT, a
software platform which allows billing and settlement between telecommunication
operators to occur reliably, accurately and speedily. The Group has a customer
base of 45 telecommunication operators with 60 installations world-wide. The
Group's customer base includes, amongst others, MCI Worldcom, COLT Telecom,
Swisscom, Thus and Telkom South Africa. Other product offerings include
InterconnecT ITU and the recently launched InterconnecT ASP service. The Group
has its own international direct sales force and also operates an alliance
partner programme through which sales of the Group's software are also made.
Alliance partners include Andersen Consulting, Hewlett-Packard, Logica, KSCL,
Sun Microsystems and Compaq.
The Group's software is used by telecommunication operators to bill and settle
interconnection charges for the use of each other's telecommunication networks.
Currently the Group's addressable market is estimated to be in the order of
3,000 telecommunication operators world-wide of which in the order of five per
cent. are estimated to have a specialist third-party interconnect billing and
settlement software solution. The market for interconnect billing and
settlement software is being driven by deregulation, rising voice and data
traffic volumes, and Internet traffic.
The Group is headquartered in the UK with offices in 13 countries worldwide. As
at 8 May 2000, the Group had 183 employees. On acquisition of the InterconnecT
product in September 1997 there was a contracted customer base of eight. There
have since been releases of two new major versions of InterconnecT.
The audited interim results for the Group show revenues for the six months ended
31 March 2000 of £7.6 million and profit before taxation (PBT) of £1.0 million.
Revenues for the twelve month period to 30 September 1999 were £8.4 million with
a loss before taxation of £0.4 million.
This announcement has been issued by and is the sole responsibility of Intec
Telecom Systems PLC and has been approved solely for the purposes of Section 57
of the Financial Services Act 1986 by Robert Fleming & Co. Limited, which is
regulated by The Securities and Futures Authority Limited and is acting as
Sponsor and financial adviser to Intec Telecom Systems PLC in connection with
the proposed flotation and public offering of shares in Intec Telecom Systems
PLC (the 'Global Offer'). Robert Fleming & Co. Limited is advising Intec
Telecom Systems PLC and certain selling shareholders in relation to the proposed
Global Offer and no one else and will not be responsible to anyone other than
Intec Telecom Systems PLC and certain selling shareholders for providing the
protections afforded to customers of Robert Fleming & Co. Limited nor for
providing any advice in relation to the proposed Global Offer.
This announcement does not constitute, or form part of, an offer or solicitation
of an offer for securities and any purchase of, or application for, shares to be
issued or sold in connection with the Global Offer should only be made on the
basis of information contained in the prospectus to be issued in connection with
the Global Offer. This announcement is not for distribution or release in the
United States of America, Canada, Australia and Japan.
Past share price performance is not a guide to future performance. The value of
shares can go down as well as up. Persons needing advice should consult a
professional adviser. Stabilisation/FSA.
This announcement does not constitute an offer of securities for sale in the
United States. The securities are not being registered under the US Securities
Act of 1933, as amended (the 'Securities Act') and may not be offered or sold in
the United States or to US Persons (as such terms are defined in Regulation S
under the Securities Act) unless registered under the Securities Act or pursuant
to an exemption from such registration. No public offering of securities is
being made in the United States.