Key Developments For SureWest Communications
SureWest Communications (SURW.O) (Consolidated Issue listed on NASDAQ Global Market)
SureWest Communications Completes Sale Of Wireless Internet Assets To Yonder Media
SureWest Communications announced that it has completed the previously announced sale of its fixed wireless Internet access business unit to Yonder Media, a broadband Internet provider focused on providing broadband access services in rural communities.
SureWest Communications To Sell Fixed Wireless Internet Assets To Yonder Media
SureWest Communications announced that it has entered into an agreement to sell its fixed wireless Internet access business unit to Yonder Media, a broadband Internet provider focused on providing broadband access services in rural communities. The Company expects to use the net proceeds from the transaction to continue its focus on the growth of its core Broadband segment. As a result of the sale of the fixed wireless Internet assets, Yonder Media and the Company have also developed a long-term business relationship which creates recurring monthly Broadband Business revenue for the Company.
SureWest Communications Added To the Russell 2000 Index
SureWest Communications announced it has been added to the small-cap Russell 2000 Index resulting from Russell Investments reconstituting its comprehensive set of U.S. and global equity indexes on June 26.
SureWest Communications To Sell Wireless Towers To Global Tower Partners
SureWest Communications announced that it has entered into a definitive agreement to sell its more than 50 owned wireless communications towers to Global Tower Partners. Completion of the transaction is not subject to financing. The purchase price is based on tower cash flow and is payable with respect to commenced tenant leases. SureWest expects that the final aggregate purchase price will be in the range of $9.5 to $10.2 million. The transaction, the initial closing of which is expected to close in the fourth quarter 2008, and at which a substantial portion of the purchase price is payable, is subject to customary closing conditions and regulatory approvals. The company expects to use the net proceeds from the transaction to continue the expansion of its high performing fiber-to-the-home (FTTH) broadband network in both its Sacramento and Kansas City regions. UBS Investment Bank acted as the exclusive financial advisor to SureWest on its tower sale.
SureWest Communications Declares Final Quarterly Cash Dividend
SureWest Communications announced that its Board of directors has decided that, effective with the second quarter's dividend distribution, the Company will cease paying quarterly dividends to facilitate reinvestment in the Company. The final quarterly cash dividend of $0.25 per share is payable June 16, 2008 to shareholders of record at the close of business on May 15, 2008.
