Think it might pay to have a few of these.

Jim Mellon knows a bargain when he sees it.

Restructuring would leave it on a very lowly P/E and in my opinion one for the future. Present price circa of 33p.

This RNS makes for interesting reading.

Billing Services Group Limited
02 April 2007


Not for release, publication or distribution, in whole or in part, in, into or
from the United States, Canada, Ireland, Australia or Japan, or any other
jurisdiction where to do so would constitute a violation of the relevant laws of
such jurisdiction.

2 April 2007

Billing Services Group Limited
('BSG' or the 'Company')

Proposed: Disposal of Wireless Business for $290m in cash; $105m underwritten
Refinancing of continuing Wireline Business; and one-time cash payment to
Shareholders

BSG, one of the telecommunications industry's leading clearing and settlement,
payment and financial risk management solutions groups, today announces:

the proposed sale of its European Wireless Business to Syniverse
Technologies, Inc. ('Syniverse') for $290 million in cash;
a $105m refinancing of its continuing Wireline Business resulting in a
lower debt-to-EBITDA ratio than that of the current BSG Group, with an
underwritten facility through Morgan Stanley Senior Funding, Inc.;
upon Completion the Company will repay its existing debt facilities of
approximately $250m;
Shareholders to receive a one-time cash payment of between 20 to 22
pence per Common Share, subject to completion of the transactions;
future strategic focus to be on its cash-generative, market-dominant
North American Wireline Business, which accounted for approximately 60% of
the group's 2006 pro-forma EBITDA;
the intention to initiate regular payments of dividends from the highly
profitable Wireline Business;
the ongoing business will also continue -
o the current expansion into financial payment services; and
o to benefit from already established, increasing cost efficiencies; and
the Board has received financial advice in relation to the Disposal from
Morgan Stanley.

Commenting on developments, Randall Brouckman, Chief Executive Officer of BSG
said:

'I am delighted to report today better than expected financial and operating
results, the conclusion of our strategic review, the refocusing of our business
through the proposed disposal of our Wireless operations and the payment of a
one-time cash payment to shareholders.

'Today's developments and separately released financial results clearly
demonstrate the value in our Wireless business and the highly cash generative
nature of our Wireline business. These transactions enable us to maximise
shareholder value through both the positive return for shareholders while
maintaining a basis for future growth.

'Subject to the necessary approvals, we can now concentrate attention on growing
our Wireline business as we seek to create further value for shareholders from
growth through a more targeted and financially unencumbered business and the
regular payment of dividends.'

ENQUIRIES

Billing Services Group Limited +44 (0)20 7071 4300
Randall W. Brouckman, CEO (for 2 April 2007 only)
Norman M. Phipps, CFO



DYOR.

Another contract win....

Billing Services unit wins new contract with Bangladesh's Warid Telecom
AFX


LONDON (Thomson Financial) - Billing Services Group Ltd said its clearing and settlement unit has won a new contract with Warid Telecom in Bangladesh to manage data clearing for the company, with options for value-added services.

The company said its BSG Clearing Solutions unit's new contract is its fifth contract win in the Asia Pacific region over the past six months.

Warid Telecom said it expects the new contract to increase its operational efficiencies and therefore significantly improve its bottom line.

TFN.newsdesk@thomson.com

ukn/ms1



COPYRIGHT



Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

????

Ex the 20p divi today, so far from the disaster it looks.

Dividend and reduced debt, then where to from here ?

Similarly, another old favourite of this column, Billing Services (BILL), remains a strong buy at 24p with all to play for. I was of course slightly disappointed by management's cashing in some of their stock options a few weeks' back but they have got to eat and it is only we sated ones who can sympathise and hold very tight. The target on a best case basis remains 100p and more. There seems to be very little downside.
www.uk-analyst.com

EK's opinion.

Another one published on Saturday...My attention has been drawn to the new website for Billing Services Group (BILL). This shows how BILL2PHONE works. In the meantime, keep buying BILL at 25p...www.uk-analyst.com