For Immediate Release
Press Release
London, 4 July 2001, Hutchison 3G UK Limited ('Hutchison 3G'), winner of the UK's largest UMTS licence, today announced that it has appointed Tim Pennington to the position of Finance Director. Mr. Pennington joins Hutchison 3G from HSBC investment bank where he was a Managing Director.
Mr. Pennington, 40, has been with HSBC for 18 years where he was Head of the Technology Group within the Investment Bank and heavily involved with Hutchison's 3G licence acquisitions and strategy. He joined HSBC when they acquired Samuel Montagu where he was a director.
Colin Tucker, Managing Director of Hutchison 3G said, "Tim has been working with us for the past year and we are delighted he will be joining us. His expertise in the sector will be a valuable asset as we continue to grow and develop the company."
Tim Pennington, newly appointed Finance Director of Hutchison 3G said, "This is truly an exciting company, which is in a unique position within the wireless telecommunications market. I am very pleased to have the opportunity to be part of its creation and am looking forward to being part of the team responsible for making it a success."
For further information please contact:
| Edward Brewster | Hutchison 3G | +44 (0)20 7887 7869 |
Notes to Editors
1. Hutchison 3G UK
Hutchison 3G UK Ltd. ("Hutchison 3G") holds licence 'A' (a third generation mobile licence), which was issued by the UK government in May 2000. This licence was the largest block of spectrum auctioned in the UK, as it was set-aside for a new entrant to the market. The licence consists of 15mhz of paired spectrum, and 5mhz of unpaired spectrum.
3G is a convergence of mobile, telephony and information systems which promises to change people's lives by enabling them to access information when, where and how they want. The 3G standard (agreed throughout Europe, Japan, China, and the rest of Asia) is formally known as UMTS (Universal Mobile Telecommunications System). It represents a global standard for third generation mobile communication systems and is at the heart of the Hutchison 3G initiative.
Hutchison Whampoa Limited holds a 65 per cent stake in Hutchison 3G, the other major shareholders are NTT DoCoMo (20 per cent) KPN Mobile (15 per cent).
www.hutchison3g.com
2. Biographical information
Tim Pennington is aged 40, married with one child.
Tim was Head of the Technology Group within Corporate Finance and Advisory Department at HSBC, involved in advising Telecom and technology companies, which included raising private and public capital. Tim also sat on the Private Equity Technology Fund investment committee at HSBC.
Tim advised Hutchison Whampoa on its licence acquisition in the UK. Subsequently he was seconded to Hutchison 3G in June 2000 to Nov 2000 to help with the evaluation and acquisition of European licences.
Tim joined Midland Bank in 1982 and moved to Samuel Montagu in 1990. Samuel Montagu was acquired by HSBC as part of its Midland acquisition.
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