Penta Capital, the Glasgow-based fund manager, has exited Expo Communications via an admission to the London Stock Exchange’s Alternative Investment Market whereby Expo Communications undertook a reverse takeover of Roshni Investments, the telecommunications service business.
The deal valued Expo at £56m. On June 30, Roshni announced it had conditionally agreed to acquire the entire issued and to be issued share capital of Expo for a consideration of 124,000,000 ordinary shares, the issue of £4.1m redeemable preference shares and the issue of £2.5m loan notes.
As part of the transaction a private placing was arranged by WH Ireland. Since flotation Roshni Investments has changed its name to Spiritel and the group will now trade under that name.
Expo was formed in October 2000 and specialises in the termination of phone calls originating on land lines to mobile phones.