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Leo sat never had any satellites so were not an operator and only had 12 staff.
First casualty of the LEO operators, Oneweb has filed for bankruptcy can't say I'm surprised, feel bad for the staff. https://www.zdnet.com/article/coronavirus-spacex-internet-beaming-rival-oneweb-files-for-bankruptcy-over-covid-19/
New website https://www.avantiplc.com/
The demand for Avanti services is now evident globally.
It can only continue to recover and help everyone else do so as well.
Interesting article cheap, I think part of DW's problem was he was an ex banker, did great to get the finance in place but wouldn't negotiate on price which alienated the co from the market in some respect. Now the deals are going through at a much lower rate per MHZ, as is the case with the industry as whole. One thing seems clear though Avanti seems to be here to stay.
Also interesting words in here:
Whitehill says the company has reversed most of the previous management’s policies. “My view disagreed with the philosophy used by the previous occupier of this seat which was to bring this new technology to the market with high-throughput data services. There’s nothing fundamentally wrong but if you are bringing a new technology to a market with a total $1.3 billion of investment, you have to have scale. That scale and revenues, EBITDA and profitability have to be sufficient to pay back shareholders. That is clearly where the problem was. The economics simply didn’t make sense. Indeed, looking back it might make a terrific case study of how not to do things.”
Full article: http://www.satnews.com/story.php?number=1334484832
Hi Dan, Some reading for you from AVN CEO:
By the end of 2019 we had doubled our revenues year on year and we have set ourselves ambitious targets for 2020. We have moved from a pure broadband strategy, to a wholesale model serving defense, industry and carrier players. Over the next three to four years we shall continue to sweat our existing assets, increase our EBITDA position and look at increasing our capability through new satellite technology and partnerships.
Read full interview here:
http://interactive.satellitetoday.com/via/satellite-2020-show-daily-day-1/the-operators-speak-ahead-of-satellite-2020/
Nothing gets past that hawk MTB.
The post was to remind everyone of the facts, notwithstanding the delisting, there is still an organisation with huge contribution(s). I miss the ;0) signature at the end but LOL will do for now.
Great copying and pasting Dan. Seriously, what value is that actually adding to this Board? Unless you've just beenb appointed to the Board - talk about last nail in the coffin - LOL!
Avanti is a British based company founded in 2002 with an audacious vision; to design, build and launch pioneering satellite technology that would provide ubiquitous connectivity even in the most remote or demanding locations.
Today we have the power to connect over 1.7 billion people across 118 countries with a belief that everyone should have an equal opportunity to be more secure, empowered and prosperous. With over $1.2 billion invested in the HYLAS, our pioneering high-speed satellite technology, local expertise and entrepreneurial culture, we connect people, communities and countries to new opportunities across Europe, the Middle East and Africa.
But it’s not just about connectivity. It’s what you do with it that matters. That’s why on the ground, where the greatest challenges lie, we work together with like-minded people and organisations to develop innovative partnerships that deliver better opportunities and even brighter futures. From educating over 300,000 children in Africa to providing connectivity in refugee camps, we provide vital connectivity when and where it’s needed most.
MTB, yep but I am surprised the company hasn’t gone under yet and is still operating with ongoing losses. I’m keen to see what happens because clearly some have faith in a miracle here