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9mobile: Payment deadline of $50m may be extended for Teleology Holdings if…

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Though there are strong indications that the preferred bidder in the sale of 9mobile, Teleology Holding Limited may meet the initial payment deadline, signal emerged on Monday, hinting of possible two weeks extension of the payment time-frame.

The letter of offer to Teleology was dated February 21 and gives the Special Purpose Vehicle (SPV) 21 days from the date of receipt to make the deposit of $50 million.

Though several news publications claimed the deadline will be March 22 because the letter was dated February 21, a follower of the process confided in Business Hilights on Monday that “It has become important to explain to the public that for the fact a letter is dated today does not mean that the recipient also got it the same day”.

“Yes, the letter was dated February 21; all these publications spreading anyhow information on the sale of 9mobile or the observed hot chase of Teleology by one of the bidders that has not been able to find its footing in the Nigerian data market segment, do not know when the preferred bidder actually signed off the letter so as to count for its ability to meet payment deadline after all.

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Adrian Woods, promoter of Teleology Holdings Limited, new possible owners of 9mobile

“Besides, nobody knows it all. Teleology may be given additional days or weeks to comply. The issue shouldn’t be when initial payment is made, but the technical competence and business plan of the incoming owner.

“All these bodies positioning themselves to overrun Teleology, what has been their market share before now and how does Nigerian data users feel about their services? These are the issues. Teleology is an emerging telecoms giant and should be given the already provided opportunity to do a business it has won to do, rather than carrying an apparent media war against a firm that is budding.

Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.
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