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Teligent AB (STO:TGNT) On 5 September 2008, the Board of Teligent AB decided to sell its Messaging business. During the first six months of the year, the Messaging entity had a turnover of MSEK 58,2 and reported a negative contribution of MSEK -0,4. Teligent has for a long time endured profitability problems and despite measures taken, it has not been possible to secure the necessary financing for the company. The Parent company is therefore currently undergoing a company restructuring according to the law on Company restructuring. The Board's strategy is to sell the different business entities and subsequently carry out a public composition. The sale of the Messaging business is part of this strategy. The Board's strategy is supported by the company's creditors.
Previously, the Board has informed the market about the sale of Trio Enterprise and the Asian businesses. Discussions about selling off the remaining entities such as Mobile Office, Teligent Russia, Teligent UK and the SIM business are ongoing. Teligent has received offers for all business entities and negotiations are ongoing.
It is a prerequisite for a successful restructuring that Teligent is able to pay its outstanding supplier bills received during the restructuring phase. As a consequence of Svenska Handelsbanken's decision on 21 August to block all unspent credits such as factoring and the check account credit, it has therefore been necessary to significantly speed up the sales process.
The Board's objective is still to avoid bankruptcy through carrying out a public composition with the company's creditors. The Board is also keen that an eventual de-registration from the Stock Exchange is not executed until a new business for the company has been identified.
"Under the present circumstances, the current strategy is in our view the best way to secure as many jobs as possible and provides the best basis for our creditors to receive as large dividends as possible on their outstanding claims and naturally also, to the extent possible, for saving value for the shareholders", says Jan Rynning, Chairman of the Board.
For more information, please contact:
Jan Rynning Chairman of the Board, Teligent AB Tel. +46 8 520 660 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. 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
