Top shareholders back rights issue for ailing Eltel

Eltel_Logo_companywebsite_230x150
By Aidan Gregory
21 Feb 2017

Shares in Eltel, the Swedish intranet company, jumped 14% on Tuesday after it announced its 2016 results, the sale of non-core assets, the revision of its debt covenants, and a rights issue to finance its restructuring and return to profitability.

Eltel said it had made a net loss of €80.3m in 2016, down from a net profit of €17.3m the year before. Its revenue was €387m, down from €397m in 2015.

As a result of the losses, Eltel will now undergo a restructuring. “We will focus Eltel’s operations ...

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