Would-be BT challenger Ionica is seeking a strategic investor, after it was told that it cannot plug into its #300 million credit line until a partner is found.
According to the company, "any investment by a strategic investor may involve a change of control of Ionica".
Ionica uses radio waves to deliver calls, so that it does not have to rely on BT to carry calls on its fixed wire network, as other non-mobile operators do.
The company was floated on the London Stock Exchange last July amid much fanfare, as it planned to create a national network to compete with BT's. On the first day of its flotation, each share was worth 390 pence. This week it dropped to 49 pence.
Company officials blamed a protracted network roll-out, and an increase in subscribers terminating agreements because of credit problems. It also failed to offer adequate capacity to certain customers because of software upgrade delays.
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