Investment in Russia and Eastern Europe Message Board

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Strategies & Market Trends : Investment in Russia and Eastern Europe

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To: Tavros who wrote (497)	8/23/1998 3:41:00 PM
From: Racso	Read Replies (1) of 1301

GTSG is not a Europe telecom play when five years from now 60% of cash flow would still be coming from the former Soviet Union, according to one of the underwriters of the last stock/convertible issue. I am glad you brought up George Soros. He sold 14% of his position last month, jointly with other 10.6mm shares sold by existing shareholders on the back of a new offering of only 2.8MM The former Soviet Union business is not just a nice to have nor the icing of the cake when it may represent more than 50% of the revenues and operating cash flow for the next five years. GTSG is sitting on $1 billion of cash but its debt is $1.2 billion rated close to junk status. The Russian track record does not give me enough comfort to expect an acquisition strategy in their new business line will succeed necessarily. If you are looking for a pure European telecom play go for COLTY. I am happy to post this message in different sites since obviously there are different investor segments. Tavros, all the best. Obviously we have different perceptions and that is what makes this game more exciting.

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