Rural Broadband Provider Gigaclear To Float On AIM

LONDON (Alliance News) - Gigaclear PLC Monday outlined plans to float on AIM as it looks to take advantage of the paucity of superfast broadband coverage to rural communities in Britain.

The company said it is planning to make an offer to qualifying customers and existing shareholders to subscribe to new shares in the company. It is being advised on the float by Oriel Securities Ltd. It did not say how much it expects to raise from its AIM flotation.

Gigaclear provides fibre-to-the-premises networks to rural communities and estimates that of the nine million properties in the UK without current access to superfast broadband services, 1.5 million are suitable for a network build-out based on the company's geographic and demographic criteria.

"Gigaclear is well positioned to take advantage of the increasing trend for faster broadband to be made available to rural communities and there is no stronger indicator of this than the fact that over 400 UK communities have approached us directly for our service," said Gigaclear Chief Executive Matthew Hare.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2014 Alliance News Limited. All Rights Reserved.