PORT­FO­LIO PUNTS

Finweek English Edition - - Companies & Markets - SHAUN HAR­RIS

pro­vides least cost rout­ing (LCR) to clients. The fu­ture of LCR has been ques­tioned, with con­certed ef­forts to get switch­ing costs down be­tween dif­fer­ent cell­phone net­works. How­ever, TeleMasters doesn’t seem too fazed about that. It says the com­pany is “tech­nol­ogy neu­tral” and that it pro­vides LCR ser­vices be­cause it’s what clients want and need. If that changes it can of­fer other com­mu­ni­ca­tions strate­gies.

Ex­ec­u­tive chair­man Mario Pre­to­rius owns 85% of TeleMasters. That makes it look like a pos­si­ble can­di­date for the “AltX vul­tures” of Fin­week’s pre­vi­ous cover story. Ex­cept that the share price is way above the list­ing price of 50c/share (though the first trade was at 162c/share) and above last-stated net as­set value of 52,3c/share. On that ba­sis an of­fer to mi­nori­ties would be ex­pen­sive.

To the scep­ti­cal in­vestor it might all look a bit too good to be true. Though that’s a healthy ap­proach to prospec­tive in­vest­ments, in this case the share looks at­trac- tive. En­joy the ride (and div­i­dends) along with the owner. The only thing is: Pre­to­rius holds his 85% through the lusty sound­ing Mai­son d’Ob­ses­sion Trust. Then when you no­tice the com­pany’s ad­dress in Cen­tu­rion is Charles de Gaulle Cres­cent you could start to sus­pect a Gaullist plot.

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