Troubled telecoms group Telekom Austria has enlisted the help of investor relations specialist Cubitt Consulting in a bid to turn around its flagging share price.
The part state-owned company hired Cubitt following a disappointing IPO last November - the country's biggest privatisation to date - which raised less than half the amount the Austrian government had originally hoped for.
Telekom Austria head of IR Hans Fruhmann said Cubitt will work on a cross-border brief to forge relations with analysts and investors in both London and New York and provide strategic advice to his three-strong Vienna-based IR team.
Cubitt's role for the group, which is listed on both the Vienna and New York stock exchanges, will also include the provision of strategic corporate communications consultancy and media relations in the international business and technology media.
'It was a clear plan as part of being privatised and floated that we needed the support of an international IR agency,' said Fruhmann.
Cubitt won the work following a four-way pitch, which is believed to have included Citigate Dewe Rogerson, Financial Dynamics and Brunswick, which advised the Austrian government on Telekom Austria's privatisation last autumn.
The eight-strong Cubitt team will be led by managing partner Simon Brocklebank-Fowler and IR partner Noga Villalon, with Mark Kollar, executive vice-president of US affiliate Broadgate, heading the account in the US.