Press release Tele2 Group Jun 30 2006, 12:36 PM CET
TELE2 NOTIFIES THE SEC OF ITS INTENTION TO DE-REGISTER
Stockholm- Tele2 AB, ("Tele2"), (Stockholmsbörsen: TEL2A and TEL2B), Europe's leading alternative telecoms operator, today announced that it yesterday filed a notification with the US Securities and Exchange Commission (SEC) to de-register from the SEC and Tele2's obligation to file reports with the SEC has therefore been suspended with immediate effect.
Tele2 had previously de-listed from Nasdaq in April 2005, due to Tele2's low trading volumes on Nasdaq and because the costs did not justify the limited benefits of remaining on Nasdaq. The decision to de-register from the SEC is essentially due to three factors. Firstly, the onerous reporting requirements that Sarbanes-Oxley imposes, together with the substantial costs involved, do not provide sufficient benefit to justify continued registration. Secondly, Tele2 currently fully complies with both the Swedish code of corporate governance and International Financial Reporting Standards (IFRS). Thirdly all institutional investors, can easily trade Tele2 shares through the Stockholmsbörsen.
Lars-Johan Jarnheimer Telephone: + 46 8 5626 4000
President and CEO, Tele2 AB
Håkan Zadler Telephone: +46 8 5626 4000
CFO, Tele2 AB
Dwayne Taylor Telephone: + 44 20 7321 5038
Visit our web site at www.tele2.com
Tele2 is Europe's leading alternative telecom operator. Tele2's mission is to provide cheap and simple telecom for everyone in Europe. Tele2 always strives to offer the market's best prices. We have more than 30 million customers in 22 countries. Tele2 offers fixed and mobile telephony, broadband, data network services, cable TV and content services. Ever since Jan Stenbeck founded the company in 1993, it has been a tough challenger to the former government monopolies. Tele2 has been listed on Stockholmsbörsen since 1996. In 2005 we had operating revenue of SEK 50 billion and reported a profit (EBITDA) of SEK 6.6 billion.