Teligent transfers SEK 77.4 million to its shareholders through share redemption

Teligent transfers SEK 77.4 million to its shareholders through share redemption The application period for Teligent's share redemption offer expired on May 16, 2003. The offer entitled the shareholders to redeem every fifth share for a cash payment of SEK 20 per share. According to the final count, applications were received for redemption of 3,868,519 shares. This corresponds to approximately 99 per cent of the maximum number of shares that could be redeemed pursuant to the offer. After completion of this transaction, total outstanding shares in Teligent will be 15,685,619. Through the redemption of shares approximately SEK 77.4 million will be transferred to the shareholders. This is slightly more than one third of Teligent's current liquid funds which as of March 31, 2003 amounted to approximately SEK 208.6 million. Adjusted for the redemption proceeds Teligent's liquid funds, as of March 31, 2003, would have amounted to approximately SEK 131.2 million which would correspond to an equity/assets ratio of approximately 72 percent. Consequently Teligent has also after payment to the shareholders of the redemption proceeds a maintained good financial position as well as a more adequate capital structure. The offer to redeem shares has also created an increased shareholder value as shareholders have received direct access to a part of Teligent's excess funds. In order to effect the payment, the decrease of Teligent's share capital and share premium reserve resolved at the general meeting on April 8, 2003 will have to be registered with the Swedish Patent and Registration Office and the decrease have to be approved by Handen District Court after legal notice. The date of payment for the redeemed shares is, therefore, dependent on, amongst other things, the administration time required by the court. Teligent does however estimate that payment for the redemption of shares can take place at the end of August 2003. Shareholders who have accepted the offer will, at or around the end of May, 2003 receive one redemption share for each share tendered. Trading in redemption shares on Stockholmsbörsen is estimated to progress during the period June 2, 2003 to approximately one week before the redemption proceed is paid. Teligent intends to apply to the National Tax Board for a recommendation concerning how the acquisition value for a share in Teligent immediately prior to the detachment of the redemption right is to be divided among the redemption right and the share, respectively. The National Tax Board's recommendation will be announced by Teligent through a press release and made available on the National Tax Board's home page. Carnegie is financial advisor to Teligent. Questions regarding this press release can be addressed to the following individuals: Per Wejke, Chairman of the Board, Teligent AB Olle Isberg, Member of the Board, Teligent AB Ulf Lindstén, President and CEO, Teligent AB Contact with the above individuals can be arranged with the assistance of Therese Tietjens, Tel, +46 8 520 66050 About Teligent Teligent develops, markets and sells advanced value added services for telecommunications networks. The services and applications provided by the company are based on the generic service development platform, the Teligent P90/E. Teligent's solutions are currently utilised by leading telecom operators, for example BT, Telia, Tele2, Telefónica, AT&T Wireless, Cingular, T-mobile USA and Maroc Telecom. For further information, please visit www.teligent.se ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/05/22/20030522BIT01100/wkr0001.doc http://www.waymaker.net/bitonline/2003/05/22/20030522BIT01100/wkr0002.pdf