TELEPHONE MAINTENANCE GROUP (TEL): A Telecom Mears Gem

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Announcement of AIM listing
Maintel commences trading on AIM on Monday 20 December 2004 through placing of 4,757,246 existing ordinary shares, valued at £4,662,101, representing 35.2% of the issued share capital.
Maintel Europe provides maintenance service and support of office-based telecommunications equipment across the UK on a contracted basis. It also supplies and installs new and reconditioned telephone equipment to some of its maintenance customers.
Maintel Voice & Data re-sells voice and data minutes primarily to Maintel Europe's existing Small and Medium Sized Enterprise maintenance customer base. It also markets other products including non-geographic telephone numbers, Virtual Private Networks and broadband internet connections.
The company has successfully placed 4,757,246 existing Ordinary Shares at 98p per share with institutional and other investors, for a consideration of £4,662,101 through its nominated adviser and broker, KBC Peel Hunt Ltd. The company's market capitalisation at the placing price is £13,246,464.
The placing has been carried out to create greater liquidity in the company's shares, provide a more flexible capital structure and give access to additional equity finance if required.
Tim Mason, Maintel's Chief Executive said "We are delighted to complete our placing, following an excellent reception from investors. The increased financial flexibility and greater profile for the company are important for the next exciting stage in our development and we look forward to growing the business further."