UPA (Utanian Press Agency)
Release: Friday, June 21st, 302 AP.
Starlight delays stock market float
The Û1.5bn Starlight corporation is delaying its stockmarket float by at least
a month due to an internal unreadiness to issue the offer statement books.
Starlight Corporation CEO Juano Calivano made the announcement to delay the
company's listing on the Utanian Luka Stock Exchange (LSX) earlier today
admitting that they had not "adequately resourced the preparations"
"As a company, we have been doing simply too well, that we under-resourced the
preparations for the float, and now, we are caught short come the critical
dates", Mr Calivano explained.
It is of considerable embarrassment to the company, after much parading of the
company's progressive management, and CEO Juano Calivano made it plain that he
and the Board understood this.
"Oh, we understand how this must look to the public and international
investors, that Starlight is not ready for its own float", he said, before
adding, "But we are determined that this float will happen properly, and that
all potential investors are aware of the complete situation of the company."
Starlight Corporation is the monopoly operator of Utania's only pay-TV network,
a satellite television system that broadcasts up to 50 channels throughout the
country. The company was created as a Û1.5 billion investment by the Utanian
government and Lendosan Broadcasting Corporation, 2:1 split, and now the
company is seeking an additional Û1 billion in investment to expand and
Business leaders have criticised the float as "profiteering" by the government
to float while the company has no competition, while socialist MPs have opposed
the float as "backdoor privatisation".
The company expects to issue a prospectus in the next few weeks.
©UPA, 302 AP.
©Mike Ham, 2002. All rights reserved. No reproduction without, at least, tacit approval. ;-)