Stream Communications (Poland) - Dec 2007

Investors

Penta Investments has acquired a 51.14% stake in broadband cable company Stream Communications Sp. Z o.o. (Stream Poland). Penta is to purchase 15,640 existing shares in the company from Stream Communications Network & Media Inc. (Stream Canada) for $8.6m, as well as 16,900 newly issued shares for $9.3m. Approximately $3.5m of the proceeds to be received by Stream Canada from the sale of existing shares will be used to retire indebtedness to Barrington Wedgewood LLC. Approximately $3.6m of the proceeds from the newly issued shares will be used to redeem bonds issued by Stream Poland and the remaining $5.7m of the proceeds from the newly issued shares will be used to finance further growth of the company. Penta has committed to provide further capital sufficient to finance the modernisation of networks, introduction of new services, and acquisitions of complimentary cable TV networks.

Company

The wholly-owned Polish subsidiary of Stream Communications & Media Inc., Stream Poland offers cable TV, high-speed Internet and VoIP services. Stream is the seventh largest cable TV operator in Poland, focusing on the densely populated markets of Southern Poland.

People

Jan Rynkiewicz is the CEO of Stream Poland.

Advisers

Equity - Clifford Chance LLP, Nicholas Fletcher (Legal)

Sourced from: Benelux unquote" 56 (Feb 2008)

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