RNS Number : 0543U
PME African Infrastructure Opps PLC
15 December 2011

15 December 2011


PME African Infrastructure Opportunities plc

("PME" or the "Company")



Further Update on Dovetel


On 5 December 2011, the Company announced that the board of PME (the "Board") was continuing to evaluate its options in relation to Dovetel (T) Limited (trading as "Sasatel") while the investment manager, PME Infrastructure Managers Limited ("PMEIM" or the "Investment Manager"), was instructed to continue to seek a buyer for the business.


The Board has been advised that, notwithstanding continuing discussions being held with prospective buyers, yesterday, the board of Sasatel applied to the High Court of Tanzania for the company to be placed into administration ("Administration").  The effect of the Administration will be to protect the company from creditors until such time as it is able to conclude a sale of the business or, if no sale is realised, implement an orderly wind down of the business.


The Board is contemplating what level of financial support PME should provide to Sasatel in order to ensure that these processes can be undertaken in an orderly manner and with the intention of realising a satisfactory outcome for all stakeholders in the business, including employees.


Given the developments with Sasatel and TMP Uganda Limited (announced on 6 December 2011), a significant proportion of the funds that were set aside for future investment into those businesses will no longer need to be deployed for this purpose.  Therefore, the Board will consider the options available to it to return any surplus capital to shareholders.  A further announcement regarding this will be made when the Board has concluded its review of available options.



For further information please contact:


PME Infrastructure

Managers Limited

Brian Smith

+27 11 560 8658

Smith & Williamson Corporate Finance Limited

Azhic Basirov / Siobhan Sergeant

+44 20 7131 4000

Oriel Securities Limited

Joe Winkley / Neil Winward

+44 20 7710 7600

College Hill

Mike Davies / Tony Friend

+44 20 7457 2020



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