Smart sold for €1 after High Court rejects 3G licence bid

It has been a dramatic day for Smart Telecom after the High Court has turned down its claim for a 3G mobile phone licence and the company was then bought by one of its shareholders for €1.

The High Court said Comreg was right in its original decision to withdraw the offer of a 3G mobile licence to Smart in February, after the company had problems paying a €100m bond.

The Regulator is welcoming the ruling that they had acted fairly throughout the process.

Smart said it was consulting its legal advisors, but chief executive Ciaran Casey admitted that taking the case had impacted on Smart's resources.

At an EGM today, shareholders approved the takeover of the company by Calally Limited for €1.

Calally is controlled by Brendan Murtagh, who owns around 20% of Smart already.

It will now assume Smart's €40m debts but also hopes the move will ensure job security for its staff, and maintain services to customers.