Shareholders give Imagine €2m cash boost
Published 25/01/2010 | 05:00
The Imagine telecoms group, headed by Sean Bolger, has received a fresh cash injection of €2m from two of its shareholders: NTR and London-based private equity firm DFJ Esprit Capital.
New filings for Imagine Communications showed the two investors received new shares in the company just before Christmas following an investment of €1m each.
It brings to €4m in cash the amount the two firms have injected into Imagine since June last year. That month, Imagine received €1m from each of the investors.
DFJ Esprit Capital has investments in a range of companies, such as social networking site WAYN.
Waste-to-wind and solar-energy firm NTR acquired its stake in Imagine when the latter bought NTR's Irish Broadband subsidiary in 2008 for €40m. NTR and Kilsaran Concrete took a combined 25pc stake in Imagine, while the pair pledged to invest a further €7m in the telecoms company.
Imagine said at the time its acquisition of Irish Broadband pushed the valuation of the combined group to €187m.
Before Christmas, Imagine launched a new Wimax internet product aimed at challenging Eircom's broadband pricing.
Imagine is investing €100m to upgrade its existing national infrastructure to be Wimax-enabled.