Smart Move Raises Pounds 10m for Broadband Play

Summary

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SMART Telecom, Ireland's number three fixed-line telephone company, completed its move from Ofex to AIM today following a placing of 66.7 million new shares at 15p to raise another Pounds 10 million of capital.

Smart, loss-making for the past three years, claims it can build up its business and residential base particularly through the rollout of broadband services at the expense of former Stateowned business eircom. Chief executive OisIn Fanning said only 2% of Ireland's residential customers have broadband and many corporate customers use only low-capacity broadband.

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Smart Move Raises Pounds 10m for Broadband Play

This, he claimed, was beca...

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