PWT powertel limited

announcement of 15/5

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    Copy of PWT's latest ASX announcement.

    Now trading @8.4c which capitalises PWT @$73m, just shy of PWT's latest, 1/2 net asset position of $76m, and being ridden hard on the back of highrisk speculation.


    HOMEX - Adelaide

    PowerTel Limited announced today that the Roslyndale Syndicate,
    WilTel Communications (PowerTels major shareholder) and PowerTel
    have executed the agreements foreshadowed in the companys
    announcement of May 9 relating to balance sheet restructuring and new
    major shareholder.

    The agreements will see the Roslyndale Syndicate buy WilTel
    Communications shareholding in PowerTel, convert $21.3 million debt
    to equity, and underwrite a 1.5 : 1 renounceable rights issue to
    raise $16.3 million. The agreements remain conditional on approval by
    PowerTels and WilTels banks and PowerTel shareholders.

    PowerTel will hold an extraordinary general meeting of shareholders
    early in July 2003. Shareholders will receive a notice of meeting and
    information memorandum with explanatory details of the agreement and
    an independent experts report. For more information about PowerTel,
    please visit our website at:

    Media contact: Brian Mahoney, FCR, 02-9235-1666
    Investor Contact:
    Stephen Butler, Chief Executive Officer, 02-8264-3888

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