omniture

Pacnet Internet (S) Limited's Board of Directors Responds to Tender Offer

Pacnet Internet (S) Limited
2008-04-07 14:46 1520

SINGAPORE, April 7, 2008 /Xinhua-PRNewswire/ -- Pacnet Internet (S) Limited ("PIL" or the "Company") announced today that the Board of Directors of the Company, in response to the offer (the "Offer") by Pacnet Limited (formerly known as Connect Holdings Limited), together with its principal shareholder and ultimate control person, to purchase all issued ordinary shares of the Company (as well as shares to be issued under the Company's option plan) at a purchase price of US$11.20 net in cash per share (the "Offer Price"), without interest, is expressing no opinion to the Company's shareholders with respect to the Offer or the Offer Price. All of the members of the Board are employees of Pacnet Limited and do not consider themselves independent with respect to the Offer or Pacnet Limited and are remaining neutral.

The Board has not made, and does not intend to make, a determination as to whether the Offer or the Offer Price is fair to or in the best interests of PIL's shareholders and is not making a recommendation regarding whether PIL's shareholders should accept the Offer and tender their shares, and, if so, how many shares to tender, or reject the Offer and not tender their shares.

The Board has determined that a shareholder's decision on whether or not to tender its shares in the Offer and, if so, how many shares to tender, is a personal investment decision based upon each individual shareholder's particular circumstances. The Board urges each shareholder to make its own decision regarding the Offer based on all of the available information, including the adequacy of the Offer Price in light of the shareholder's own investment objectives, the shareholder's views as to the Company's prospects and outlook, and any other factors that the shareholder deems relevant to its investment decision. The Board also urges each shareholder to consult with its financial and tax advisors regarding the Offer.

The Company has been advised that the Offer will expire at 12:00 midnight, New York City Time on 24 April 2008, 12:00 noon, Singapore Time on 24 April 2008, unless the Offer is extended. For further details regarding the Offer, please refer to Pacnet Limited's Offer to Purchase that was made on 27 March 2008.

About Pacific (S) Internet Limited

Pacific Internet (S) Limited (formerly Nasdaq: PCNTF) is the largest telco-independent Internet Communications Service Provider by geographic reach in the Asia Pacific region. The Company has direct presence in Singapore, Hong Kong, the Philippines, Australia, India, Thailand and Malaysia. The Company delivers a comprehensive suite of Internet data, voice and video services to corporate business and consumer customers. For more information, visit http://www.pacnet.com .

Cautionary Statement

Certain statements in this press release may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to those using words such as "seek", "expect", "anticipate", "estimate", "believe", "intend", "project", "plan", "strategy", "forecast" and similar expressions or future or conditional verbs such as "will", "would", "should", "could", "may" and "might". These statements reflect the Company's current expectations, beliefs, hopes, intentions or strategies regarding the future and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including but not limited to (i) changes in the economic, regulatory and political environments in the countries where PIL operates; (ii) changes and developments in technology and the Internet marketplace; (iii) PIL's continued ability to develop and win acceptance of its products and services, which are offered in highly competitive markets; (iv) the success of its joint ventures and alliances; (v) exchange rates, particularly between the Singapore dollar and the U.S. dollar and other currencies in which PIL makes significant sales or in which its assets and liabilities are denominated; and (vi) the outcome of contingencies. In light of the many risks and uncertainties surrounding the Internet marketplace, the actual results could differ materially from those discussed in the forward-looking statements. PIL expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this press release to reflect any change in PIL's statements or change in events, conditions, or circumstances on which any such statement is based.

For more information, please contact:

Lorain Wong

Tel: +852-2121-2973

Email: lorain.wong@pacnet.com

Source: Pacnet Internet (S) Limited
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