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Gold/Mining/Energy : TS TELECOM (www.tstelecom.com): ASPIRING TELECO -- Ignore unavailable to you. Want to Upgrade?

To: M. Merriam who wrote (929)	11/23/1999 3:00:00 PM
From: speculatingvalue	Respond to of 1762

More icing on the cake! Sorry, Mike - we must have posted the release at the same time!

To: M. Merriam who wrote (929)	11/23/1999 3:01:00 PM
From: M. Merriam	Respond to of 1762

TOM make the South China Morning Post: Candidate cancels debt with dividend ERIC NG Growth Enterprise Market (GEM) listing candidate TS Telecom Technologies has paid a $17 million dividend to its Canadian-based parent to cancel a debt. The dividend, which comes ahead of TS Telecom's listing on December 2, compares with a net profit of $13.03 million for the five months to August 31. Byron Tan, senior manager of corporate finance at TS Telecom's listing sponsor Dao Heng Securities, said the dividend would help "clean up" the company's balance sheet and give new shareholders a clearer picture of the company's financial status. TS Telecom did not pay dividends in the two previous financial years, and does not intend to make any further payout this financial year. The company suffered a 26.3 per cent decline in net profit to $11.11 million in the year to March 31. Turnover dropped 24 per cent to $107.62 million. Chief financial officer Randy Hung said the fall was due to a reduction in equipment investment by mainland telecommunication companies amid a reorganisation of the Ministry of Posts & Telecommunications. However, the company has forecast pretax profit of $36 million for this financial year. The strong growth forecast takes into account the start of operations in March at the company's equipment-assembling business and an expected recovery in orders from mainland customers. The company is expected to raise net proceeds of $106.8 million from its GEM listing. The money will be used mainly as working capital and to fund research and marketing activities.