1 Jul 2009 09:19
Date: 1 July 2009
For immediate release
Avanti Communications Group plc
Directors' Shareholdings
Avanti Communications Group plc (AIM: AVN) ("Avanti" or the "Company"), the satellite operator, was today notified of changes to shareholdings by the following directors.
On 1 July 2009, John Brackenbury CBE purchased 10,000 ordinary shares in the Company at a price of 225p per share. John Brackenbury CBE now holds a total direct and indirect voting right interest in 426,891 ordinary shares in the Company, being approximately 1.02 % of the issued ordinary share capital of Avanti Communications Group plc.
On 1 July 2009, Alan Foster and related parties purchased 35,000 ordinary shares in the Company at a price of 225p per share. Alan Foster and related parties now hold a total direct and indirect voting right interest in 339,639 ordinary shares in the Company, being approximately 0.81 % of the issued ordinary share capital of Avanti Communications Group plc.
The following changes have also been notified in respect of holdings in the Company's Employee Benefit Trust which relate to the interests of David Williams and David Bestwick.
On 30 June 2009, the number of shares in the revocable sub-fund of the Company's Employee Benefit Trust which are not subject to automatic revocation if David Williams ceases to be an officer or employee of the Company (although they remain subject to revocation at the discretion of Bedell Trustees in accordance with the terms of the deed by which the sub-fund was established) increased by 80,783 to 242,349. On 1 July 2009 the sub fund sold 160,000 shares in the Company at a price of 225p per share in order to settle tax liabilities from prior year transactions and to satisfy investor demand. As such David Williams now has a direct and indirect interest in 1,541,655 shares in the Company, being approximately 3.69% of the issued ordinary share capital of Avanti Communications Group plc. Mr Williams has a further indirect interest in 953,756 shares under the Company's Long Term Incentive Plan which are subject to certain criteria.
On 30 June 2009, the number of shares in the revocable sub-fund of the Company's Employee Benefit Trust which are not subject to automatic revocation if David Bestwick ceases to be an officer or employee of the Company (although they remain subject to revocation at the discretion of Bedell Trustees in accordance with the terms of the deed by which the sub-fund was established) increased by 50,106 to 150,318 as a result of the vesting of options. On 1 July 2009 the sub fund sold 100,000 in the Company at a price of 225p per share in order to settle tax liabilities from prior year transactions and to satisfy investor demand. As such David Bestwick now has a direct and indirect interest in 1,051,158 shares in the Company, being approximately 2.52% of the issued ordinary share capital of Avanti Communications Group plc. Mr Bestwick has a further indirect interest in 689,691 shares under the Company's Long Term Incentive Plan which are subject to certain criteria.
Enquiries to:
| Avanti Communications Group plc | http://www.avanti-communications.com |
| David Williams | 020 7749 1600 |
| Redleaf Communications Ltd | avanti@redleafpr.com |
| Emma Kane / Paul Dulieu | 020 7566 6700 |
| Cenkos Securities | |
| Julian Morse/Ivonne Cantú | 020 7397 8900 |
Notes to Editors:
About Avanti Communications
Avanti sells satellite broadband services to telecoms companies which use them to supply homes and businesses.
Avanti's first satellite, called HYLAS is under construction and will be the first superfast broadband satellite launched in Europe.
The market for satellite broadband products in Europe is estimated by the EU at more than 24 million.
Avanti currently provides satellite broadband services to customers in Europe using leased satellite capacity which it will transfer to HYLAS on launch.
The European Commission has set aside funding for rural broadband projects in 79 regions across Europe with a total value of EUR2.8 billion over the next five years.