Smart shareholders to vote on proposed Murtagh takeover

Smart Telecom shareholders are due to vote today on a proposed takeover by businessman Brendan Murtagh.

Mr Murtagh wants to buy out the company for just €1 following the recent difficulties that saw its services cut off by Eircom due to outstanding debts.

The nominal price is being offered because, if Mr Murtagh is successful, he will also be taking over Smart's debts of €40m.

Today's vote at an EGM of Smart shareholders is taking place on the same day that the High Court decides whether the Communications Regulator was right to withdraw a 3G mobile-phone licence from the company.

ComReg took the action because of problems over the payment of a €100m bond for the licence.