THIS ANNOUNCEMENT AND THE INFORMATION IT CONTAINS IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
Avanti Communications Group PLC
Approval of Scheme Creditors received at Scheme Meeting
Avanti Communications Group PLC (AIM: AVN) (“Avanti” or the “Company”) announces that it held a meeting of holders of its 12%/17.5% Senior Secured Notes due 2023 (Reg S CUSIP/ISIN: G0713N AH3/USG0713NAH38 and 144A CUSIP/ISIN: 05351L AJ6/US05351LAJ61) (the “2023 Notes”) today for the purposes of considering and, if thought fit, approving the scheme of arrangement (the “Scheme”) to be made between those holders (the “Scheme Creditors”) and the Company (the “Scheme Meeting”).
The Company is pleased to announce that Scheme Creditors holding approximately 98.3% by principal value of the 2023 Notes voted and that 100% of the votes cast were in favour of the Scheme.
Following today’s approval of the Scheme by the Scheme Creditors at the Scheme Meeting, the Company will now ask the High Court of England and Wales to sanction the Scheme at a hearing expected to occur on 26 March 2018.
A copy of the terms of the Scheme proposed by the Company and a copy of the explanatory statement for Scheme Creditors (“Explanatory Statement”) are available to be downloaded from the Scheme Website at https://sites.dfkingltd.com/avanti. Account holder letters for use in connection with voting on the Scheme (“Account Holder Letter”) may also be downloaded from the Scheme Website. If Scheme Creditors wish to receive hard copies of the Scheme or Explanatory Statement free of charge, they may contact the Company’s legal advisers by e-mail to firstname.lastname@example.org or by telephone (+44 207 615 3000).
In order for Scheme Creditors to receive their pro rata share in 92.5% of the Company’s enlarged issued ordinary share capital following completion of the debt for equity swap under the Scheme on the restructuring effective date, which shall be determined in accordance with the Scheme, Scheme Creditors who have not already done so must submit a validly completed Account Holder Letter, a copy of which can be downloaded from the Scheme Website, to D.F. King, by 5pm (NY time) on 27 March 2018.
Implementation of the debt for equity swap pursuant to the Scheme remains conditional upon, amongst other things, shareholder approval of the issue of the debt for equity shares at a general meeting of the Company (the “General Meeting“) expected to be held during April 2018. A circular containing, amongst other things, the notice of General Meeting will be published in due course.
|Avanti||Nigel Fox, Patrick Willcocks
Tel: +44 20 7749 1600
|Cenkos Securities (Nomad)||Max Hartley, Nicholas Wells
Tel: +44 207 397 8900
|D.F. King (Information and Tabulation Agent)
Telephone (Lon): +44 20 7920 9700
Telephone (NYC): +1 212 269 5550
This announcement is for information purposes only and is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.
The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
In particular, this announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933. Any securities mentioned herein have not been and will not be registered under the United States Securities Act of 1933, and no public offering will be made in the United States.