3 Dec 2010 17:56
Date: | 3rd December 2010 |
On behalf of: | Avanti Communications Group plc ("Avanti" or "the Company") |
Embargoed for release: | 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 in respect of holdings in the Company's Employee Benefit Trust which relate to the interests of certain directors.
On 30 June 2010, 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 209,384 to 409,457 as a result of the achievement of Long Term Incentive Plan targets. On 3 December 2010 the sub fund sold 140,000 shares in the Company at a price of 701p per share. As such Mr Bestwick now has a direct and indirect interest in 1,171,648 shares in the Company, being approximately 1.38% of the issued ordinary share capital of Avanti Communications Group plc. Mr Bestwick has a further revocable and indirect interest in 430,202 shares under the Company's Long Term Incentive Plan which are subject to certain criteria.
On 30 June 2010, the number of shares in the revocable sub-fund of the Company's Employee Benefit Trust which are not subject to automatic revocation if Nigel Fox 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 50,000 to 82,891 as a result of the achievement of Long Term Incentive Plan targets. On 3 December 2010 the sub fund sold 40,000 shares in the Company at a price of 701p per share. As such Nigel Fox now has a direct and indirect interest in 99,897 shares in the Company, being approximately 0.12% of the issued ordinary share capital of Avanti Communications Group plc. Mr Fox has a further revocable and indirect interest in 308,929 shares under the Company's Long Term Incentive Plan which are subject to certain criteria.
On 30 June 2010, the number of shares in the revocable sub-fund of the Company's Employee Benefit Trust which are not subject to automatic revocation if Matthew O'Connor 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 69,445 to 170,495 of as a result of the achievement of Long Term Incentive Plan targets. On 3 December 2010 the sub fund sold 60,000 in the Company at a price of 701p per share. As such Mr O'Connor now has a direct and indirect interest in 154,009 shares in the Company, being approximately 0.18% of the issued ordinary share capital of Avanti Communications Group plc. Mr O'Connor has a further revocable and indirect interest in 329,118 shares under the Company's Long Term Incentive Plan which are subject to certain criteria.
On 3 December 2010, 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 350,741 to 612,280 as a result of the achievement of Long Term Incentive Plan targets. On 3 December 2010 the sub fund sold 407,571 shares in the Company at a price of 701p per share. As such David Williams now has a direct and indirect interest in 1,487,075 shares in the Company, being approximately 1.75% of the issued ordinary share capital of Avanti Communications Group plc. Mr Williams has a further revocable and indirect interest in 522,233 shares under the Company's Long Term Incentive Plan which are subject to certain criteria.
---ENDS---
For further information please contact:
Avanti Communications Group Plc Tel: +44 (0) 20 7749 1600
David Williams
Cenkos Securities Tel: +44 (0) 20 7397 8900
Nick Wells / Max Hartley
Jefferies International Limited Tel: +44 (0) 20 7029 8000
Julian Smith / Oliver Griffiths
Redleaf Communications Ltd Tel: +44 (0) 20 7566 6700
Sam Robbins / Paul Dulieu
Notes to Editors:
About Avanti
¡ Avanti sells satellite broadband services at speeds of up to 10Mbps to telecoms companies which use them to supply residential, enterprise and institutional users.
¡ Avanti's first satellite, called HYLAS 1 launched on November 26th 2010 and is the first superfast broadband satellite to serve Europe.
¡ Avanti's second satellite called HYLAS 2 is fully funded and is on target to launch in Q2 2012. It will extend Avanti's coverage to Africa and the Middle East.
¡ The market for 2Mb satellite broadband products in the markets served by Avanti is estimated at more than 100 million households.