Commoditel Limited Sonnet Corporation LimitedABN: 30 000 386 685...

Commoditel Limited Sonnet Corporation Limited
ABN: 30 000 386 685 ABN: 52 009 239 285
www.commoditel.com.au www.sonnetcorp.com
ASX Release
18 May 2007
Commoditel and Sonnet Joint Bid for Mobile
Customer Base
Commoditel Limited (ASX: CMO) and Sonnet Corporation Limited (ASX: SNN),
through a joint venture company CS Mobile Pty Ltd, are actively pursuing
consolidation opportunities in the Australian telecommunications market and have
submitted an offer to purchase a mobile customer base from a third party.
CS Mobile is jointly owned by Commoditel and Sonnet on a 50/50 basis. The
companies have appointed one director each to the board of CS Mobile. In the event
that the proposed friendly takeover of Sonnet by Commoditel is successful, CS
Mobile will be 100% owned by the merged group.
Sonnet will focus on the provision of operational services and solutions to the joint
venture and Commoditel will focus on retail distribution, sales and marketing.
While basic commercial terms with the third party have been agreed, the terms are
non binding and remain incomplete. CS Mobile anticipates that final agreement can
be reached by early June 2007.
Full details of the acquisition will be released if binding terms are reached and the
companies will continue to keep the market informed of all acquisition developments
as they arise.
For further information please contact:
David Sweet Marcel Dufour
Managing Director Managing Director
Commoditel Limited Sonnet Corporation Limited
PH: 0414 888 999 PH: 02 8425 4462