Avanti Communications Confirms Receipt of $20m in Full Settlement of its Arbitration Claim with Government of Indonesia
Avanti Communications Group plc confirms that, in accordance with its announcement made on 10 July 2018, it has now received the full $20.075m outstanding payment in full and final settlement following the adjudication decision of the London Court of Arbitration between itself and the Government of Indonesia.
Comments Kyle Whitehill, CEO: “We thank the Government of Indonesia for its payment of the outstanding sum due to Avanti Communications Group plc, following our earlier support of Indonesian satellite communications plans which utilised our now decommissioned Artemis satellite. With this issue resolved and HYLAS 4 about to come on-stream, Avanti goes forward”
For further information, please contact:
Chris McLaughlin (Chief of Corporate and External Affairs)
Tel: +44 20 7749 1600
Nick Miles, James Olley
Tel: +44 203 770 7909
Cenkos Securities (Nomad)
Tel: +44 207 397 8900
+44 (0)20 3757 6883
About Avanti Communications
Avanti connects people wherever they are – in their homes, businesses, in government and on mobiles. Through the HYLAS satellite fleet and partners in 118 countries, the network provides ubiquitous internet service to a quarter of the world’s population.
Avanti delivers the level of quality and flexibility that the most demanding telecoms customers in the world seek. Avanti is the first mover in high throughput satellite data communications in EMEA. It has rights to orbital slots and KA-band spectrum in perpetuity that covers an end market of over 1.7bn people. The Group has invested $1.2bn in a network that incorporates satellites, ground stations, datacentres and a fibre ring.
Avanti has a unique Cloud-based customer interface that is protected by patented technology. Avanti Communications is listed in London on AIM (AVN: LSE). www.avantiplc.com