Telstra has revealed the addition of almost one million new mobile services in the six months to December 2011, but Sensis revenues plummeted 24 percent in 12 months.
Melbourne based telecoms carrier, Access Providers (ASX: APV) will secure a significant boost to its cash reserves by selling its stake in digital pay TV company, SelecTV to WIN Corporation for $2.85 million in cash.
At June 30, Access Providers had just $559,000 in cash and CEO Keith Ondarchie, said the cash injection, to be paid on 6 November, "makes an immediate and positive impact on our current evaluation of business development opportunities."
Access Providers launched an off-market one-for-one share-based takeover offer for SelecTV in June and received acceptances from SelecTV shareholders totalling approximately 23,800,000 SelecTV shares. However, in July the board of SelecTV agreed to issue 50.1 percent of SelecTV to WIN Corporation, which made a cash offer of $0.12 cents per share for all the remaining shares. Access Providers has now accepted that offer.
SelecTV had launched a new Australia-wide digital subscription TV service. The service offers a total of 36 channels, all providing premium content from media companies around the world. It offers 20 English language channels plus relevant content for the Greek, Spanish, Italian, Vietnamese and German speaking communities in Australia.
Access Providers justified its takeover bid on the grounds that "The acquisition of SelecTV will form the customer and marketing base that will facilitate the expansion of APV's ISP, telephony and networking capabilities into broader customer markets, in addition to its current offerings to the commercial market."
David Bass
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