Telecom Plus (TEP) investors, who expected to receive the full proceeds of the group's recent sale of its 20 per cent stake in energy company Opus by way of a share buyback, have been disappointed. Instead of the £70m promised at the time of the sale, investors will only receive £25m.
Executive chairman Charles Wigoder was keen to stress that the decision not to return the full amount to shareholders was not taken from a point of weakness. That's fair; with net cash, no debt and operating cash inflows of £43.4m reported in the period, the balance sheet is in good shape. He also suggested that "recent uncertainties may have created investment opportunities", in reference to the surprise outcome of the general election. "We've decided to keep our powder dry for the potential."