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04/11/2002
Viridian dispose of nevada tele.com shareholding
Northern Ireland based Viridian Group has announced the completion of the disposal of its 50% shareholding in nevada tele.com to joint venture partner Energis.
Troubled telecommunications and internet services provider nevada's net liabilities as of March 31, 2002, were put at £14m and its operating loss for the year was £11m.
Patrick Haren, Chief Executive of Viridian said: "This disposal is positive for earnings and fits with our strategic objectives. It represents a further refocusing of our financial and management resources, in line with our continuing emphasis on the development of our energy-related businesses in Ireland.
"Against a difficult background we have agreed a transaction which secures the future of nevada and makes sense for both Viridian and Energis; we wish the nevada business well."
A spokesperson for Viridian added: "In July 2002, the UK operations of Energis, including its shareholding in nevada, were acquired by Chelys. Since then Viridian and Energis have worked closely together in order to position nevada's business most appropriately for the future and have concluded that this would be best achieved if nevada became a wholly owned subsidiary of Energis Holdings."
Under the terms of the disposal Viridian has sold its shareholding in nevada for a nominal sum and a debt of £6.25m owing to Viridian will be repayable over seven years. Viridian has acquired from nevada for £4m certain assets used by nevada to provide telecommunications services to companies in the Viridian Group.
Nevada will continue to use the assets for the provision of existing telecommunications services to companies in the Viridian Group.
In a separate series of transactions which took place in August 2002, Viridian's guarantee of a portion of nevada's bank debt was called by nevada's banking consortium. In addition, Viridian acquired certain bank debt owing by nevada to its banking consortium. As a result, Viridian became nevada's principal creditor and the banking consortium ceased to have an economic interest in nevada.
Viridian's results for the six months to September 30 this year are expected on November 12.
(SP)
Troubled telecommunications and internet services provider nevada's net liabilities as of March 31, 2002, were put at £14m and its operating loss for the year was £11m.
Patrick Haren, Chief Executive of Viridian said: "This disposal is positive for earnings and fits with our strategic objectives. It represents a further refocusing of our financial and management resources, in line with our continuing emphasis on the development of our energy-related businesses in Ireland.
"Against a difficult background we have agreed a transaction which secures the future of nevada and makes sense for both Viridian and Energis; we wish the nevada business well."
A spokesperson for Viridian added: "In July 2002, the UK operations of Energis, including its shareholding in nevada, were acquired by Chelys. Since then Viridian and Energis have worked closely together in order to position nevada's business most appropriately for the future and have concluded that this would be best achieved if nevada became a wholly owned subsidiary of Energis Holdings."
Under the terms of the disposal Viridian has sold its shareholding in nevada for a nominal sum and a debt of £6.25m owing to Viridian will be repayable over seven years. Viridian has acquired from nevada for £4m certain assets used by nevada to provide telecommunications services to companies in the Viridian Group.
Nevada will continue to use the assets for the provision of existing telecommunications services to companies in the Viridian Group.
In a separate series of transactions which took place in August 2002, Viridian's guarantee of a portion of nevada's bank debt was called by nevada's banking consortium. In addition, Viridian acquired certain bank debt owing by nevada to its banking consortium. As a result, Viridian became nevada's principal creditor and the banking consortium ceased to have an economic interest in nevada.
Viridian's results for the six months to September 30 this year are expected on November 12.
(SP)
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