AVN.L Regulatory News (AVN)

4 Mar 2008 07:00

Avanti Communications Group Plc04 March 2008 Date: 4 March 2008On behalf of: Avanti Communications Group plc ("Avanti" or "the Company") For immediate release Avanti Communications Group plc • Holdings in Company Avanti Communications Group Plc (AIM: AVN), the satellite operator, announcesthat it received notification from Avenue Europe Management LLP on 29 Februarythat it increased its interest in the share capital of the Company by a further529,412 ordinary shares on 27 February 2008. Avenue Europe Management LLP nowhas an interest in 2,529,412 ordinary shares in Avanti Communications, beingapproximately 9.13% of the issued ordinary share capital of the Company. - Ends - Enquiries to: Avanti Communications Group plc http://www.avanti-communications.com/David Williams 020 7749 1600 Redleaf Communications Ltd http://www.redleafpr.com/Emma Kane/ Samantha Robbins 020 7822 0200 sr@redleafpr.com Cenkos Securities plc http://www.cenkos.comIvonne Cantu / Julian Morse 020 7397 8900 Notes to Editors: About Avanti Communications - Avanti Communications Group's shares were admitted to AIM on 16 April 2007; - Avanti Communications Group is the only licensed Fixed Satellite Services operator headquartered in the UK (and one of only eight such groups operating in Europe); - Avanti is licensed to provide satellite services spectrum which provides coverage of Europe, India, The Middle East, Central Asia, Africa and Latin America. - Avanti's first satellite, called HYLAS is under construction and due for launch in March 2009; the company plans further satellite projects; - Avanti, which has over 10 years' experience in the satellite industry, currently provides satellite data communications services to customers in Europe using leased satellite capacity which it will transfer to HYLAS on launch; - Its customers include broadband service providers, businesses of all sizes, the British and foreign governments, the European Union and the European Space Agency; - The core applications for which Avanti expects HYLAS capacity to be used are broadband, corporate data networks, video distribution and military/ security; - Avanti recently signed a debt facility agreement to borrow £32m. The debt facility provides sufficient capital for Avanti to complete the financing of its satellite construction, launch, insurance and operation together with ample working capital headroom. No further funding is required for the HYLAS project. This information is provided by RNS The company news service from the London Stock Exchange