Spectrum Multimedia Access, a US-based telecoms company founded by Mr Robert Schmidt - one of the founders of Cable Management Ireland - is involved in a private placing of $20 million worth of shares in Dublin and Washington, The Irish Times has learned.
Some $10 million (£8.73 million) of shares will be placed in the Republic by Bloxham Stockbrokers within the next few weeks. It is understood that Mr Brendan Gilmore, chairman of Princes Holdings and the mining company, Arcon International, is to buy a stake in the company and take a place on the board.
Spectrum Multimedia was formerly named Integrated Communications International and is based in Delaware in the US. It specialises in acquiring broadband licences at low prices in developing countries. Funds raised through the private placing will be used to repay borrowings and to fund further acquisitions and development of broadband licence interests.
Spectrum has already acquired ultra-high frequency and local multipoint distribution system licences in Uruguay, Argentina and Chile, giving it a licence reach of 27 million customers.
Spectrum Multimedia is 100 per cent owned by Mr Schmidt, but following the private placing later this month, his stake would be reduced to close to 60 per cent.
Mr Schmidt was founder of Cable Management Ireland, which was recently purchased by Princes Holdings. He has a long involvement with cable and wireless technologies and has been president of both the US cable and wireless associations.
Mr Gilmore confirmed his involvement and said he would invest in excess of £500,000.
