SHAREHOLDERS APPROVE SALE OF TELECOM PLUS TO SIEMENS

Telecom Plus International shareholders approved the sale of most of the company’s operating assets to Siemens AG for $165m, and a change of name to TPI Enterprises but only by 59% of the votes cast, because many shareholders want the business to liquidate and distribute the proceeds to holders rather than use it to buy one or more new businesses; Rank Organisation, with 23%, voted against the name change and wants the company to liquidate.

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