Primetel IPO oversubscribed

Primetel Plc announced that its initial public offering (IPO) for 14,352,000 new shares held between 9 and 18 June 2008 at the price of EUR0.36 per share has been covered by 1.92 times. Specifically, the applications that have been received are for 27.6 million shares against 14,352,000 shares offered to three categories of investors (wide public, subscribers, professional investors and restricted number of persons).

It is reminded that 750,000 shares will be allocated gratis to the Company’s staff and as a result, the total number of the shares that are under issue stands at 15,102,000.

The preliminary percentage of satisfaction of the applications submitted, pursuant to the provisions of the Prospectus dated May 22, 2008, is 100% for the category of subscribers, 50.4% for the professional investors and the restricted number of persons and 38% for the wide public. It is clarified that the differences in the percentages are attributable to the different interest in each one of the three categories in relation to the number of shares.

The final result will be announced after the completion of the procedure, while on July 15, 2008 a) The Company will send the allocation letters of the new shares and the warrants 2008/2011 that will be allocated gratis to the ratio of 1 warrant for every 6 shares to the existing shareholders and the shareholders who will receive 15,102,000 new shares and b) The Company will send the refundable sums which will bear an interest of 5.50%.