Atlantic Telecom takes aim at foot and squeezes trigger

Network operator Atlantic Telecom has seen its shares fall 70 per cent to 3p today, after the company said it could not judge whether there was any significant value in its shares.

The company has been reviewing its business over the last three months to look for ways to close the gap between the value of its shares and assets.

Atlantic has seen its share price fall drastically in the last year to just 14p from a high of £11.90.

The company's board believes the value of its business would be best developed as part of a larger entity with greater capital resources, or with the support of a major new investor who could provide the additional liquidity needed.

Atlantic Telecom has begun talks with potential investors and buyers. However, its financial flexibility is constrained by the terms of its £123m and £75m senior notes.

It has asked to speak with an informal committee of noteholders about a possible restructuring of the debt.