Nice one Raymond, This is very significant for PACE they had been knocking on the US cable door for a long time. Now they are in. Very nice.
Text worth posting again in case someone missed it.....
Thursday November 18, 7:48 am Eastern Time
Pace Micro shares jump on Time Warner deal
LONDON, Nov 18 (Reuters) - Shares in Pace Micro Technology Plc, which makes receivers/decoders for digital and satellite television, jumped higher on Thursday after the group announced a three-year supply deal with Time Warner Cable (NYSE:TWX - news).
Pace Micro shares, which had already outperformed the FTSE electronic and electricals sector by almost 200 percent in the year to date, soared 45 pence or 11.4 percent to 440 pence.
Under the deal, Pace Micro would supply Time Warner Cable -- the largest U.S. cable network operator -- with a minimum of 750,000 digital cable set-top boxes built to Time Warner's ``Pegasus' box specification.
``This contract with Time Warner takes Pace into the heartland of the U.S. cable industry,' Chief Executive Malcolm Miller said in a statement.
Deliveries would start at the end of the next year, subject to final approval of the Time Warner Inc board.
Miller said well over 60 percent of U.S. homes had access to cable television.
``And as U.S. operators move to digital, Pace is ideally positioned to accelerate that transition, using its international experience to bring a new perspective to the development of digital cable in the United States,' he added.
In July, announcing its first annual results since Britain launched digital television in October last year, Pace reported pre-tax profits of 15.1 million pounds compared with a loss of 12.1 million the year before, on sales of 182.8 million.
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