ROUNDUPS
In the papers 19 December
19-12-2002
by Sylvia Leatham
Riverdeep to report MBO details Monday | Ex IEDR CEO agrees settlement with former employer
According to the Irish Independent, e-learning software company Riverdeep is due to announce the details of its MBO offer on Monday, when it is expected to offer EUR1.50 a share. Major shareholders Pat McDonagh and Barry O'Callaghan are rolling over their shareholdings, which will amount to EUR90 million of the equity element of the deal. A British venture capital firm is funding another EUR90 million in equity, bringing the total injection to EUR180 million.
The paper also reports that mobile giant Vodafone surprised some City analysts on Wednesday when it announced that chief executive Sir Chris Gent is to step down. Read the full story as reported by ElectricNews.net.
The paper also reports on the Moriarty Tribunal. The tribunal heard on Wednesday that two members of the inter-departmental project team that evaluated the applications for the second mobile phone licence had reservations about Esat's bid. In addition, the head of the project team told the tribunal that he is unable to explain how then-Minister Michael Lowry was able to tell AJF O'Reilly and Mark Fitzgerald on different occasions how the process was going.
The same paper says that Intel has appointed 13 people as vice presidents of its operations around the world. Jim O'Hara, current Intel Ireland general manager, has been named vice president, Technology Manufacturing Group.
The Irish Times reports that chip designers Massana Group has raised USD7.5 million in funding. The group raised the cash by issuing convertible secured loan notes on the back of funding by its existing investors. The group's latest accounts show it is now seeking further funding from new investors of about USD10 million, which would be used to meet Massana's short- to medium-term business requirements.
The paper also reports that the chief executive of the IE Domain Registry, Mike Fagan, has settled his legal action against the company. Fagan had sought an injunction to prevent the company from considering a report prepared by KPMG, on the basis that doing so would be in breach of the rules of natural justice. The report makes 18 allegations against Fagan, including overpayment of salary and incorrect treatment of expenses. Fagan has now agreed that IE Domain Registry can use the report in disciplinary proceedings against him.
The Financial Times reports that a New York judge has rejected arguments by Qwest Communications' bondholders that a USD12.9 billion debt exchange offer violated securities law. Qwest is offering bondholders at its Qwest Capital Funding subsidiary to exchange USD12.9 billion of debt for debt at Qwest Communications International and intermediate holding company Qwest Services, at an overall discount of as much as 20 percent. Bondholders who own about USD3 billion of the USD12.9 billion in debt were angered by the proposal and claimed that it would strip tendering noteholders of USD2.25 billion in value. However, US District Judge Denny Chin rejected the legal arguments that they would be irreparably harmed by the exchange offer.
The paper also says that shares in handheld device maker Palm rose as much as 13 percent in after-hours trading on Wednesday after the company reported a surprise profit and stronger-than-expected revenues for the second quarter. Palm said sales of two new devices pushed revenues to USD265 million for the quarter ending 29 November, beating analysts' expectations of sales of USD252 million. The company also delivered a net gain of USD3.5 million, or USD0.12 per share, compared with a loss of USD25 million, or USD0.89 per share, for Q2 last year.
The Wall Street Journal reports that Marriott International has announced that it is to install Wi-Fi technology in 400 of its hotels worldwide. The hotel company said high-speed wireless Internet access would be up and running sometime in spring 2003 but would only be available in conference rooms, lobbies and public areas and not within guest rooms. A Marriott spokesman said a pricing plan for the Wi-Fi services had not yet been determined.
Using the subject line to get noticed: Denise Cox argues that to get results you have to make every word work in a subject line.
