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- Release Date: 26/11/12 18:07
- Summary: MEETING: TTK: Notice of Special Meeting - Proposed Farmside Acquisition
- Price Sensitive: No
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TTK
26/11/2012 16:07
MEETING
REL: 1607 HRS TeamTalk Limited
MEETING: TTK: Notice of Special Meeting - Proposed Farmside Acquisition
26 November 2012
Dear Shareholder,
The enclosed notice of meeting details our proposed purchase of the Farmside
Group.
A shareholder vote is required before the acquisition can proceed.
Farmside is a telecommunications company based in Timaru and is the only
nationwide telco specialising in the rural market.
We like the Farmside business because they've got a great team who deliver
exceptional customer service - these guys really do care. They're also the
only provider of satellite broadband services in this market which, because
satellite works anywhere, means they're often the only solution for hard to
get to back-block farms.
We think the deal is the logical next step for TeamTalk:
o Farmside's products and services are complementary with those of TeamTalk
so we see plenty of opportunities for cross selling.
o The acquisition will be funded by a combination of increased bank debt and
issuing new shares to the vendors. TeamTalk's dividend policy will remain
unchanged.
o It increases the size of TeamTalk, diversifies our earnings and provides us
with a substantial opportunity for growth.
Your board fully supports this exciting proposal and I would encourage you to
give it your full support and vote in favour. The meeting has been set for
9am on Tuesday December 11th in Wellington, with proxy votes due, if you're
unable to attend the meeting in person, 48 hours before that.
If you have any questions regarding this don't hesitate to give our MD David
Ware a call on 04 802 1477.
Kind regards,
Joe Pope
Chairman
End CA:00230236 For:TTK Type:MEETING Time:2012-11-26 16:07:47
