Telecoms group set for pounds 100m flotation

REDSTONE TELECOM, the operator of Callsure, a personal numbering service, yesterday announced plans for an estimated pounds 50m-pounds 100m flotation on the Stock Exchange next month.

The company's 220,000 Callsure customers will have the opportunity to subscribe for shares. New customers, prior to 20 September, will also have the opportunity to register for a prospectus. Redstone is expected to float about 20 per cent of its equity. The closing date for applications is 30 September.

Callsure customers will also be able to register for a prospectus and application form from tomorrow over the Internet at www.redstone.co.uk/fs.

Redstone operates a nationwide fibre-optic network and offers a range of telecoms services to business and consumers. The company has invested in switching, network intelligence and support platforms, allowing it to carry voice and data traffic.

In the year to March, Redstone's revenues nearly tripled to pounds 23m, with a loss of pounds 3m.

Redstone also has a licence to run a public telephone network and operates a 24 hour network management centre.