CONSOLIDATED COMMUNICATIONS CORPORATION PUBLIC LIMITED COMPANY
Previous company name
OMEGA PETROLEUM AND REFINING CORPORATION PUBLIC LIMITED COMPANY
Name change date
Consolidated Communications Corporation PLC (3C) is a publicly quoted holding company for a group of telecommunications, internet, data and IP companies focused on providing services to corporate and wholesale customers. The Company has its registered office address located in Dublin, Ireland. it was incorporated in April of 1997.
The Company’s strategy is to create a group of companies that is attractive to a trade party or of sufficient size to be fully valued on the public markets. The Company is a member of the Quoted Companies Alliance.
The Company provides voice telephony, Internet, data circuits, calling cards, teleconferencing and remote satellite services. 3C markets and sells its Internet protocol (IP) products under the Group-wide 3C brand. It also markets and sells the Carrier Pre-Select (CPS) and asymmetric digital subscriber line in Hungary.
Consolidated Communications Corporation PLC is active in Ireland and abroad. Its business operations outside Ireland principally include Hungary, Russia, the United Kingdom and the United States.
The principal activity of the group is the provision of telecommunications services, data transmission, broadband and internet access.
Description and history
Consolidated Communications Corporation (3C) is a holding company for a group of telecommunications and data companies focussed on providing services to corporate and wholesale customers with business interests connected to Russia and Hungary. The company was incorporated on April 23, 1997.
In Russia, the group trades as 3C Russia and has been operating for approximately 10 years.
In Hungary the group operates as 3C Hungary, which provides terrestrial and VSAT data services and is the Hungarian and Bulgarian Infonet affiliate. 3C also owns 100% of LM Magyaroszag, which owns a valuable piece of development land outside Budapest.
3C also has subsidiaries and telecommunications facilities in New York (3C United States) and London (3C United Kingdom) to service the Russian and Hungarian businesses.
3C is executing a strategy of organic expansion of its existing businesses plus acquisition of complimentary businesses in the Russian market, which the company views as being rich in potential. A small management team in London brings western expertise to the local knowledge and expertise of the Russian and Hungarian management.
BankNet formed in Hungary
Zao DirectNet established in Russia by DirectNet Telecommunications Inc
Satcom-tel established in Russia by Mannai Trading Corporation of Qatar (‘MTC’)
DirectNet commences activity in St. Petersburg
Satnet Jersey formed to hold BankNet and Satcom-tel. MTC retained 49% shareholding.
DirectNet Telecommunications Inc restructures, Zao DirectNet sold to NDNT, Inc
Satcom-tel reversed into Consolidated Communications Corporation plc through the issuance of 30,000,000 ordinary shares
3C shares commence trading on OFEX
3C buys BankNet and LM Magyaroszag from Dynamic I-T, Inc through the issuance of 35,005,213 ordinary shares
3C completes placing to raise approximately GBP350,000
Satcom-tel awarded 3.5 GHz licences covering St. Petersburg and four other regions
3C closes placing of 26,000,000 new shares to raise approximately GBP1.5 million
3C buys NDNT through the issuance of 73,800,257 ordinary shares
Board restructuring throughout year
GBP1 million raised through private placing
New Group CEO appointed
Company rebranded 3C across all territories
New Product Launch for 3C Hungary Carrier Pre-Select Deal Signed
Carrier Pre-Select Reseller Agreement Signed New ADSL Interconnect Signed Product Launch in October
New Carrier Interconnect Deal with Telekom Austria Signed New Calling Card Deal in South Africa Retail Clients Extend and Enlarge Services
Consolidated Communications Corporation plc Unaudited Interim Results for the six months ended 30th June 2005
First Day of Dealings on AIM
3C Announce New CPS Contract in Hungary Geographic Coverage and Rates Enhanced
Result of Annual General Meeting and Directorate Change
Deal signed to distribute bundled VoIP account with Linksys phone adaptor across Hungary
Directorate change – David French (CFO) leaves the Company
Strategic relocation of Wholesale Department to London and new Head of Wholesale appointed
Next-generation IP Centrex broadband telephony service launched
New Interconnect Agreement with PanTel Kft, the leading alternative Central European telecommunications carrier
George Wardale, the former French Connection Chairman, appointed as new Chairman of 3C
3C signs new agreement with leading IP telecommunications specialists ZyXEL
Sale of Land in Hungary to the local Municipality
The Board of Consolidated Communications Corporation plc (‘3C’), the European telecommunications and internet services provider, announed that it is pursuing payment of a large wholesale debt, additional funding, potentially the sale of some of the assets of the company and options to restructure, in order to provide working capital.
Recovery of the debt in the short term is proving difficult and may not be achieved without protracted arbitration. If the Board is unsuccessful in its endeavours to secure additional working capital in the short term, parts of the Group will not be able to continue to operate as a going concern. In this situation the Group may have to seek protection under insolvency legislation.
On 5 February 2007, it was announced that In order to prevent the development of a false market, the company will therefore be requesting the temporary suspension of trading in its shares.
On 19 March 2007, the Board of Consolidated Communications Corporation plc the European telecommunications and internet services provider, announced that it has issued a secured convertible loan to several parties, all of whom are existing shareholders, for an aggregate value of Ј100,000 (‘Loan 1’). Furthermore, the company have restructured a secured loan to Baring Communication Equity (Emerging Europe) Limited, a shareholder of the company, for Ј100,000 (‘Loan 2’) that changes the terms of the original debt in favour of the Company. These monies will service the immediate working capital requirements of the Company.
The Company’s shares will remain suspended until its long term future is secured.
Further to the announcement of 10 April 2007 and following shareholder approval at an EGM held on 3 May, the Board of 3C confirmed on 29 June 2007 it has completed the sale of its Russian Retail Business to wholly-owned subsidiaries of Golden Telecom, Inc (‘GT’).
The consideration paid was $1.935 million in cash, which was the original consideration of $2.9 minus $965,000 for indebtedness. These proceeds will be used for working capital purposes.
However, 3C is not in a position to publish the annual accounts for the year ended 31 December 2006 within the six month timeframe as required by AIM Rule 19 due to the ongoing assessment of the working capital position.
On 3 August 2007, the Group informed its shareholders that the AIM listing will be cancelled pursuant to AIM rule 41 following the inability of the company to lift the current suspension for more than six months. The AIM listing was cancelled on 6 August 2007.
Holding company for a group of telecommunications, internet, data and IP companies focused on providing services to corporate and wholesale customers
HORWATH BASTOW CHARLETON
US SIC Code
168, Pembroke Road
City province or state postal code
Phone: +44 20 7538 2012
Fax: +44 20 7538 2075
Country address: IRELAND
Website url: www.3c-plc.com