Avanti Communications Group PLC (AIM: AVN), (“Avanti“, the “Company” and, together with its subsidiary undertakings, the “Group“) announces that the Open Offer launched on 9 April 2018 has closed.
The Company can advise that valid acceptances have been received from Qualifying Shareholders in respect of 1,522,932 Open Offer Shares. The Company has therefore raised gross proceeds of approximately £0.17 million through the Open Offer. Qualifying Shareholders who have applied for Offer Shares will receive the full number of Open Offer Shares applied for by them and those that made an application under the Excess Application Facility will receive 100 percent of Excess Shares applied for by them.
Accordingly, application has been made for the admission of the Open Offer Shares to trading on AIM (“Admission”), which is expected to become effective and dealings commence at 8.00 a.m. on 30 April 2018. The Open Offer remains conditional upon Admission.
Following Admission, the total number of Ordinary Shares in issue with voting rights will be 2,163,335,585 Ordinary Shares and Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Open Offer Shares (held in uncertificated form) are expected to be credited to CREST accounts on 1 May 2018 and definitive share certificates for the Open Offer Shares (held in certificated form) are expected to be despatched to shareholders who hold their Ordinary Shares in certificated form within 10 business days of 1 May 2018.
Capitalised terms used in this announcement shall have the same meanings given to them in the Circular dated 9 April 2018.
For further information, please contact:
|Avanti Communications||Nigel Fox, Patrick Willcocks
Tel: +44 20 7749 1600
|Montfort||Nick Miles, James Olley
Tel: +44 203 770 7909
|Cenkos Securities (Nomad)||Max Hartley, Nicholas Wells, Harry Hargreaves
Tel: +44 207 397 8900
|Redleaf Communications||Ralph Anderson
+44 (0)20 3757 6883
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