'Singapore Telecommunications Limited today announced that its Australian wholly owned subsidiary, Optus Mobile Pty Limited (“Optus”), has signed an agreement to acquire all the issued shares in Vividwireless Group Limited (“Vividwireless”) from Network Investment Holdings Pty Limited (“Network Investment Holdings”) for an expected cash consideration of A$230 million. Network Investment Holdings is wholly owned by Seven Group Holdings Limited.
The consolidated net asset value of Vividwireless based on the latest audited consolidated financial statements as at 30 June 2011 was approximately A$11 million'.
On face value it looks like Engin shareholders were short changed big time.
We now see Seven's end game.
Very disappointing.
Gus
ENG Price at posting:
0.0¢ Sentiment: None Disclosure: Held
