announcement of 15/5

Copy of PWT's latest ASX announcement.

Now trading @8.4c which capitalises PWT @$73m, just shy of PWT's latest, 1/2 net asset position of $76m, and being ridden hard on the back of highrisk speculation.


POWERTEL LIMITED 2003-05-15 ASX-SIGNAL-G

HOMEX - Adelaide

+++++++++++++++++++++++++
PowerTel Limited announced today that the Roslyndale Syndicate,
WilTel Communications (PowerTels major shareholder) and PowerTel
have executed the agreements foreshadowed in the companys
announcement of May 9 relating to balance sheet restructuring and new
major shareholder.

The agreements will see the Roslyndale Syndicate buy WilTel
Communications shareholding in PowerTel, convert $21.3 million debt
to equity, and underwrite a 1.5 : 1 renounceable rights issue to
raise $16.3 million. The agreements remain conditional on approval by
PowerTels and WilTels banks and PowerTel shareholders.

PowerTel will hold an extraordinary general meeting of shareholders
early in July 2003. Shareholders will receive a notice of meeting and
information memorandum with explanatory details of the agreement and
an independent experts report. For more information about PowerTel,
please visit our website at:


www.powertel.com.au

Media contact: Brian Mahoney, FCR, 02-9235-1666
Investor Contact:
Stephen Butler, Chief Executive Officer, 02-8264-3888