Fibernet Group plc ("Fibernet" or the "Company"), the high-speeddatacommunications group, reports today on progress in the third quarter ofits financial year, which ended on 31 May 2000.
In the last quarter, Fibernet saw acceleration in turnover, EBITDA andprofitability. In the first half of the financial year, the Group reported apositive pre-tax profit of £1.5m and the third quarter's performance sawstrong growth in financial performance.
Additional new customers in the quarter included PPP Healthcare, KingstonTLI and Deloitte & Touche.
The Group completed the initial upgrading of its UK network and has nowintroduced Wave Division Multiplexing across 80% of the network. As well assignificantly increasing the capacity on its network, this technology hasalso enabled new services to be introduced for which the Company already hassecured customers. The Company also increased its number of UK Points ofPresence to 52.
The Group has been notified that its German subsidiary, Fibernet GmbH, hasbeen successful in its application for a nationwide telecommunicationslicence.The licence will authorise Fibernet to operate networks within the entireterritory of the Federal Republic of Germany. Fibernet will be permitted touse public and private land to construct its network and will be entitled tointerconnect with Deutsche Telekom AG.
Fibernet is in the process of establishing a 3,300 kilometre network inGermany and plans to have 55 Points of Presence live in a year's time. Aninitial 1,300 kilometres of fibre and 24 Points of Presence are planned tobe available by December 2000.
The Company has also applied for and is progressing a TelecommunicationsLicence in France.
In light of the foregoing, Fibernet announces that Old Mutual SecuritiesLimited has agreed to use its reasonable endeavours to place 2.3 million newordinary shares of 10 pence each in the share capital of the Company (the"Placing Shares") with institutional investors at a price of £16.90 pershare to raise approximately £38.9 million before expenses (the "Placing").The Placing Shares represent approximately 5.0 per cent of the existingissued share capital of the Company.The Placing Shares will rank pari passu with the existing ordinary shares of10 pence each of the Company.
Application has been made to the UK Listing Authority for the Placing Sharesto be admitted to the Official List of the UK Listing Authority and to theLondon Stock Exchange for the Placing Shares to be admitted to trading onthe London Stock Exchange's markets for listed securities. The Placing isconditional, inter alia, upon such admission becoming effective, which isexpected to occur on Tuesday 4 July 2000, when dealings in the PlacingShares are expected to commence.
http://www.fibernet.co.uk