Primetel to proceed with Spidernet bid

Primetel Plc (PTL.CY) announced that the Cyprus Securities and Exchange Commission approved the publication of the Public Offer Document of Primetel for the acquisition of up to 100% of the issued share capital of SpiderNet Services Public Limited.
Primetel is offering to the shareholders of SNET to issue 3 new PTL shares for every 4 offered shares of SNET plus 1 new Warrant 2008/2011 of Primetel for every 6 new PTL shares that will be issued to shareholders of SNET who will accept the Public Offer.
The period of acceptance of the Public Offer commences on October 29, 2008 and ends on November 27, 2008.