Amcom Telecommunications Limited (AMM) said shareholders voted against a proposed buy-back of Futuris Limited’s (FCL) stake of 99 million shares at 19.7c per share. The company also reaffirmed its guidance of 25% EBIT growth for fiscal 2009.

Amcom said the board recognised the changed circumstances in global credit and equity market conditions that had occurred since the proposal was announced in early September.

As a result of the vote, Amcom would not be required to take on an additional $20 million in debt and would retain its balance sheet strength and low gearing ratio of 14% and high interest cover.

During September, Futuris reduced its stake in Amcom from 50.1% to 18.6% by the sale of shares to institutional and high net worth investors.

In a separate statement, Futuris said it would look to sell its stake in Amcom immediately.

Amcom said it continued the positive momentum from fiscal 2008 into the first quarter of the 2009 financial year.

"The fibre division is experiencing sustained strength in new sales leading to a higher level in the annualised recurring revenue base which has grown to $45 million at the end of the first quarter fiscal 2009, up from $43 million at June 2008," the company said.

Based on its first quarter performance, Amcom reaffirmed its full year EBIT guidance to be at least 25% higher than a year earlier.

At 1553 AEDT, shares in Amcom were 1c lower to 12.5c. Futuris was 11c higher to $1.15.