9 Apr 2018 14:16
Avanti Communications Group plc
Clarification on Potential Director Holdings post the Open Offer
Avanti Communications Group PLC (AIM: AVN), ("Avanti", the "Company") announces that further to the announcement released at 8:25am today in relation to the proposed restructuring, the proposed waiver of obligations under Rule 9 and the proposed open offer and notice of general meeting ("Proposed Restructuring and Open Offer"), the illustrative table setting out the Directors' potential holdings after completion of the Proposed Restructuring and Open Offer has been corrected to reflect the illustrative position based upon their respective open offer entitlements calculated off of the Company's existing share capital.
| Number of Existing Ordinary Shares | Percentage of existing issued share capital | Number of Ordinary Shares (following Admission)1 | Percentage of Ordinary Shares (following Admission)1 |
Kyle Whitehill | - | - | - | - |
Paul Walsh2 | 230,000 | 0.14% | 284,762 | 0.01% |
David Bestwick3 | 1,301,954 | 0.80% | 1,611,943 | 0.07% |
Peter Reed | - | - | - | - |
Craig Chobor | - | - | - | - |
Michael Leitner | - | - | - | - |
Andrew Green4 | 21,888
| 0.01% | 27,099 | 0.00% |
Paul Johnson5 | 10,000 | 0.01% | 12,381 | 0.00% |
Richard Mastoloni | - | - | - | - |
Christopher McLaughlin | - | - | - | - |
Alan Harper | - | - | - | - |
Nigel Fox6 | 134,580 | 0.08% | 166,623 | 0.01% |
Total | 1,698,422 | 1.05% | 2,102,808 | 0.10% |
1. Assumes that all of the Exchange Shares have been issued and that 100 per cent. of the Ordinary Shares theoretically available under the Open Offer are subscribed for in the Open Offer.
2. Paul Walsh has confirmed to the Company that he intends to subscribe for his Open Offer Entitlement in full.
3. David Bestwick has confirmed to the Company that he intends to subscribe for his Open Offer Entitlement at least in part. The figures in this table assume that Mr Bestwick subscribes for his Open Offer Entitlement in full.
4. Andrew Green has confirmed to the Company that he intends to subscribe for his Open Offer Entitlement in full.
5. Paul Johnson has confirmed to the Company that he intends to subscribe for his Open Offer Entitlement in full.
6. Nigel Fox has confirmed to the Company that he intends to subscribe for his Open Offer Entitlement at least in part. The figures in this table assume that Mr Fox subscribes for his Open Offer Entitlement in full.
A further announcement will be made following the results of the Proposed Restructuring and Open Offer.
For further information, please contact:
Avanti Communications | Nigel Fox, Patrick WillcocksTel: +44 20 7749 1600 |
Montfort | Nick Miles, James Olley Tel: +44 203 770 7909 |
Cenkos Securities (Nomad) | Max Hartley, Nicholas Wells, Harry HargreavesTel: +44 207 397 8900 |
Redleaf Communications | Ralph Anderson +44 (0)20 3757 6883 |