ForthNet funds to sell shares

17 Jan 2008

Greek alternative telephony and broadband provider ForthNet has confirmed that shareholders have received an offer from an unnamed international investor group interested in acquiring a ‘significant minority stake’ in the company, confirming earlier reports by Thomson Financial News. In a filing to the Athens Stock Exchange, the telco said it had been informed that the parties are currently in negotiations and have not yet reached an agreement. The two funds in question are believed to be Novator Equities, which controls at least a 10.2% stake in ForthNet, and Cycladic Catalyst Master Fund which holds 8.19% of shares in the firm. According to TeleGeography’s GlobalComms database, in January 2007 Novator reduced its stake from 38.65% to 21.01%, and three months later announced its intent to reduce its stake to 10.2%. Other ForthNet shareholders include Foundation for Research and Technology and Dutch company Talpa Beheer, plus other private and institutional investors, company employees and associates. The operator had 189,000 ADSL broadband subscribers by the end of September 2007.

Greece, Nova (formerly Forthnet)