Shareholder Update - Acquisition Of Ericsson New Zealand's Data Services Business
Announcement posted by Tennyson Networks 05 Apr 2003
Further to its announcement of 3 April 2003, Tennyson Networks (ASX: TNY) advises the following with respect to its recent acquisition of the Data Services division of Ericsson New Zealand.
The effective date of acquisition is 1 January 2003. The initial purchase consideration is A$1.4 million.
Furthermore, as advised in Tennyson's 15 January 2003 announcement, there will be payments to Ericsson based on sales performance of the Data Services business for the year ending 31 December 2003 only. The payments are based on a single-digit percentage of sales during this period.
Tennyson chairman, Mr Harvey Parker, said: "This is a low risk and highly exciting opportunity because the overall purchase price is linked to success.
"We are pleased to advise that the business is performing strongly to date."
The effective date of acquisition is 1 January 2003. The initial purchase consideration is A$1.4 million.
Furthermore, as advised in Tennyson's 15 January 2003 announcement, there will be payments to Ericsson based on sales performance of the Data Services business for the year ending 31 December 2003 only. The payments are based on a single-digit percentage of sales during this period.
Tennyson chairman, Mr Harvey Parker, said: "This is a low risk and highly exciting opportunity because the overall purchase price is linked to success.
"We are pleased to advise that the business is performing strongly to date."