Executive Summary
Canisp plc was created with the stated objective of building, largely through acquisition, a group specialising in the provision of telecommunications services. Its first acquisition, completed in December 2003, was The Airtime Group Limited (TAG). Trading under the name World Telecom, TAG owned a number of telecommunications assets as well as a telecommunications licence and fixed line and global calling card businesses, and in 2004 achieved Service Provider status with BT Wholesale. TAG was loss-making at the time of its acquisition and, despite a number of measures to remedy this, it remained so and the global calling card business in particular became a significant drain on the Group's cash resources. It was clear that additional remedial action would be required and in January of this year, TAG was able to complete the sale of the contracts and customer base relating to its global calling card business. During 2004, the Group resolved to pursue opportunities to purchase the SME fixed line customer bases of certain other operators. In September 2004 it announced the acquisition by TAG of the business of International Telecom Brokers (ITB), and this was followed in December by the acquisition of the businesses of two smaller operators based in Scotland, Elphinstone Communications and Sports Club Telecom. In each case the fixed line customer base and non-geographic number services were acquired, to complement those of TAG and enhance group revenues. Its is therefore now engaged principally in the provision of fixed line telephony services to the SME market, including wholesale line rental.
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