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TELEPHONE RENTALS IN UKP2.6m AGREED BID FOR IRELAND’s SOUND SYSTEMS PHONE FIRM

Telephone Rentals Plc, the telecommunications equipment distributor has agreed to pay UKP2.6m in shares for Sound Systems Ltd, an Irish company that distributes telephone systems in the Republic, to increase its stake in the Irish market. ICC Corporate Finance Ltd is acting on behalf of Telephone Rentals which is offering seven shares for every Sound System share, valued them at UKPIr3.62 each. Full acceptance of the offer would see 1m new Telephone Rental shares issued, and irrevocable undertakings have been received from 71.5% of the 650,000 issued shares, including the interests of the directors of Sound Systems. Sound Systems distributes the Northern Telecom and Panasonic range of keysystems in the Republic, and, latterly in Northern Ireland as well. The company recorded UKPIr359,00 pre-tax profits on UKP6.5m turnover for the year to January 1988. Gus Moore, managing director of Telephone Rentals, looks for the marriage to lead to significant prospects for future growth.

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