Feeds

Colt Telecom riding high after funding scare ends

Shares up 43 per cent

  • alert
  • submit to reddit

5 things you didn’t know about cloud backup

Colt Telecom has dramatically recovered from funding worries today with the announcement that major shareholder Fidelity is to increase its stake from 47.7 per cent to 54 per cent.

Colt said this morning it was planning to release 650 million new shares at 62 pence each in order to raise enough money for business expansion - which promptly gave the City the jitters. However, once Fidelity stepped in to say it would take its full allocated stake, the telco's share price has reached a year-high, rising 43 per cent.

Colt - like virtually all telecoms has seen its share price drop over the last year, precipitously in the last month. Investors were being advised to sell the shares and the company dropped out the FTSE 100 index as a result. The company responded by going on a massive bond buy-back, buying £115 million of its own bonds on 3 September and a further £30 million four days later, reducing net debt by an estimated £60 million.

Fidelity's vote of confidence has also raised hopes that other institutional investors will pay for their allocated stakes.

Colt plans to use the money to complete its network expansion across Europe. Less than a week ago, the company said Copenhagen and the Hague had been added to its network. It plans to have 32 city networks in Europe in place by the end of this year. ®

5 things you didn’t know about cloud backup

More from The Register

next story
BBC: We're going to slip CODING into kids' TV
Pureed-carrot-in-ice cream C++ surprise
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Twitter: La la la, we have not heard of any NUDE JLaw, Upton SELFIES
If there are any on our site it is not our fault as we are not a PUBLISHER
Facebook, Google and Instagram 'worse than drugs' says Miley Cyrus
Italian boffins agree with popette's theory that haters are the real wrecking balls
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?