Tiscali board approves EUR 150 mln share capital increase (UK)The board of directors of Tiscali has resolved upon a share capital increase of up to EUR 150 million to be offered with pre-emption rights for Tiscali’s shareholders. The capital increase proceeds will be utilised to partially refinance the debt related to the acquisition of the broadband and voice division of Pipex in the UK. It is expected that the capital increase will be executed in the first months of 2008, depending on market conditions. Tiscali has also signed an agreement whereby Management and Capitali will underwrite EUR 60 million of subordinated bonds convertible into Tiscali new shares. The bonds will be issued by a Luxembourg company controlled by Tiscali which will also guarantee the bonds.
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