Pipex Shareholders Approve Tiscali UK Acquisition
Pipex's shareholders have used yesterdays Extraordinary General Meeting (EGM) to vote in favour of Tiscali UK acquiring the ISP's broadband customers (here):
Pipex Communications plc, a major provider of telecommunications and internet solutions including broadband, voice, web hosting and network services, announces that at today’s Extraordinary General Meeting shareholders voted in favour of authorising the disposal by the Company of certain of its subsidiaries comprising its broadband and voice division to Tiscali UK Holdings Limited, and to the alteration of the terms applying to certain bonds issued by Pipex Finance (Jersey) Limited, which is a subsidiary of the Company, and the redemption of such bonds.
The deal must still gain final regulatory approval before proceeding but we do not expect there to be any problems with that. Meanwhile customers continue to wait in a climate of uncertainty to see what will happen with their service.
Presently it's understood that Tiscali intends to move related customers onto its own platform, although hopefully that only means their unbundled (LLU) network and not Tiscali's own brand and products.
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