Court Sanction Scheme of Arrangement

Avanti Communications Group PLC

Court Sanction Scheme of Arrangement

Avanti Communications Group PLC (AIM: AVN) (“Avanti” or the “Company“) today announces that the High Court of England and Wales has sanctioned the scheme of arrangement (the “Scheme“) proposed by the Company in connection with its financial restructuring and which received approval from 100% of the holders of the Company’s 12%/17.5% senior secured notes due 2023 (the “2023 Notes“) (“Scheme Creditors“).  

Completion of Avanti’s financial restructuring remains conditional upon the satisfaction of a number of conditions precedent, including the approval of certain resolutions by the Company’s shareholders  at a general meeting of the Company (the “General Meeting”) expected to be held during April 2018 required to approve, among other things, the issue and allotment of the ordinary shares to satisfy the debt for equity swap provided for in the Scheme and also an order of the U.S. Bankruptcy Court recognising the Scheme as a ‘foreign main proceeding’ under Chapter 15 of the U.S Bankruptcy Code (the “Recognition Order”). A circular containing, amongst other things, the notice of General Meeting will be published in due course.

Scheme Creditors are reminded that in order 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, 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.




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

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