Primetel increases direct stake in Spidernet

Primetel Plc (PTL.CY) announced that Andreas Eleftheriades, who holds 705,385 shares of Spidernet (approx. 1.7% stake in SNET) has accepted irrevocably the Public Offer as submitted on September 19, 2008 by the company seeking 100% control of SNET. Primetel is offering 3 new PTL shares for every 4 SNET shares. In addition for every 6 new PTL shares offered 1 new PTL warrant (PTLw) 2008/2011 will be allocated for free. Primetel has already received irrevocable acceptances from major SNET shareholders, amounting to 73.48% of SNET’s issued share capital. The Public Offer is subject to regulatory approval.