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Tesco to pump $ 12.3 million into VoIP provider Freshtel
2006-11-22
Tesco took a six percent stake for $ 3.7 million in January 2006 when the VoIP deal between the two companies was announced. Earlier, in September 2005, Freshtel had raised $ 11 million through a placement to institutional and sophisticated investors.
Freshtel will hold and EGM for 22 December 2006 to seek shareholder approval for the placement. Andy Dewhurst, CEO of Tesco Telecoms will join the board of Freshtel Holdings.
In the notice of EGM Freshtel said: "The company believes that the private placement provides the company with many benefits, including a commitment by Tesco to the company`s long-term future and support for the company''s business model. As an indication of its commitment to the company''s future business, Tesco has also entered into a strategic alliance with the company in relation to present and future business.
In an address to the Freshtel`s AGM earlier this month, CEO Michael Carew said: "It was quite a coup for a company of Tesco`s size to partner with Freshtel – a small unknown company from the other side of the world...We have developed a terrific relationship with Tesco with true collaboration between the two companies positioning the Tesco Internet Phone extremely well in the UK market. We hope to continue to build on that relationship.
He explained that "The service is branded Tesco, the handsets are branded Tesco, Tesco`s customers receive a Tesco bill and the service is sold in the UK via Tesco stores and the Tesco website. However, the network is provided by Freshtel, the hardware is designed by both Freshtel and Binatone and the software to allow Tesco to bill their customers is provided by Freshtel."
By Stuart Corner
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