United Pan-Europe Communications (UPC), the debt-laden Dutch cable group, has rejected a bizarre claim from former shareholders of Priority Telecom, its business telecoms unit, that it owed them $200m (€221m) for failing to fulfil a commitment to list the unit.

The group had promised to pay a $200m penalty to shareholders in Cignal Global Communications, a telecoms group acquired by Priority, if it had not floated Priority by October 1. The company was listed on Euronext on September 27.