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Shore Capital Group Ltd Increases its Stake in DBD Deutsche Breitband Dienste GmbH


Monday, 28 Jan 2013 02:00am EST 

Shore Capital Group Ltd announced that it has increased its stake in DBD Deutsche Breitband Dienste GmbH (DBD), the German telecom business. Spectrum Investments Limited ("Spectrum"), the investment vehicle formed by an investor group and of which Shore Capital is the majority shareholder, has, together with a wholly owned subsidiary, purchased the balance of the outstanding loan stock in DBD and a further 28% equity shareholding in DBD from Intel Capital. As a result, Spectrum now holds, directly and indirectly, substantially all of the economic interest in DBD. For the year ended December 31, 2011, as reported in Shore Capital's consolidated accounts, DBD had losses of GBP 1.31 million, although steps have since been taken to reduce these losses. Spectrum has raised EUR 3.3 million of new capital from its investors, including Shore Capital, to fund this acquisition, and to enable it to finance DBD's further working capital needs. Shore Capital has invested EUR 2.13 million of this amount in cash and now holds 59.26% of Spectrum. 

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6:42am EST