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Teligent AB (STO:TGNT) As reported earlier, Teligent has applied for a Company reorganisation. The Board has in connection with this prepared a balance sheet for liquidation purposes, which shows that the equity of the Company is below 50% of the registered share capital. At a Board meeting held 7 August 2008, the Board decided to hold a so called first extraordinary shareholders' meeting according to the Company Act rules on forced liquidation.
As a means to ensure that the ongoing company reorganisation is implemented, the Board suggests that the shareholders' meeting take a decision not to put the Company into liquidation.
To facilitate the restoration of the share capital, the Board proposes that the shareholders' meeting decide to reduce the registered share capital by 90 %, without any withdrawal of shares. This will lead to an unchanged number of shares while the face value of the shares will be reduced from 10 öre to 1 öre. The Board also proposes to lower the articles of association's limits for share capital in order to facilitate the reduction of the share capital.
Finally, the Board proposes that the shareholders' meeting authorises the Board to make decisions regarding new issues of shares, convertibles or warrants within the limits of the capital limits of the articles of association. The intention of the authorisation is to be able to add the necessary capital to the Company in order to - within the frame of the company reorganisation - pay a composition dividend to the Company's creditors and facilitate the implementation of the company reorganisation.
The shareholders' meeting will be held 11 September 2008. The notice wil be posted in Svenska Dagbladet and Post- och Inrikes Tidningar 14 August.
For more information, please contact:
Jan Rynning Henrik Sund Chairman of the Board, Teligent AB CEO And Group Tel. +46 8 520 660 00 Managing Director, Teligent AB Tel. +46 8 520 660 00
This information was distributed for publication 12 August 2008 at 08.00.
About Teligent Teligent (TGNT, Stockholm Stock Exchange) is a global supplier of value added services to telecommunications carriers. The offering includes e.g. traditional and Next Generation Messaging and advanced IN solutions supporting data capabilities, such as Mobile Office/IP Centrex, Mobile Prepaid and Mass Calling. All solutions are based on the generic Teligent Application Server - a true single platform concept for convergent service development and conforming to the 3GPP IP Multimedia Subsystems (IMS). The company's solutions are currently utilised in various configurations by a large number of leading carriers worldwide, including BT, MTS, Maroc Telecom, SingTel, SMART, Telenor, TeliaSonera, Verizon and Vodafone. For more information, please visit www.teligent.se
