AVN.L Regulatory News (AVN)

THIS ANNOUNCEMENT AND THE INFORMATION IT CONTAINS IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

For immediate release

26 April 2018

Avanti Communications Group PLC

Restructuring Effective Date has occurred

Avanti Communications Group PLC (AIM: AVN) ("Avanti" or the "Company") today announces that, pursuant to its previously announced consent solicitation (the "Consent Solicitation") with respect to its 10%/15% Senior Secured Notes due 2021 (Reg S CUSIP/ISIN: G0713N AF7/USG0713NAF71 and 144A CUSIP/ISIN: 05351L AG2/US05351LAG23) (the "2021 Notes") and its previously announced scheme of arrangement (the "Scheme") with respect to its 12%/17.5% Senior Secured Notes due 2023 (Reg S CUSIP/ISIN: G0713N AH3/USG0713NAH38 and 144A CUSIP/ISIN: 05351L AJ6/US05351LAJ61) (the "2023 Notes"), the Scheme Conditions and all of the Scheme Implementation Steps (as defined in the scheme document dated 19 February 2018) under the Scheme in respect of the Company have been satisfied (or waived) in accordance with the terms of the Scheme. Therefore, the Restructuring Effective Date has occurred today, and the Company has completed the restructuring of its financial indebtedness first announced on 13 December 2017.

The holders of the 2023 Notes ("Scheme Creditors") who submitted a validly completed Account Holder Letter, together with a valid Confirmation Form, to D.F. King, by 5pm NY time on 27 March 2018 have received, or are in the process of receiving, their pro rata share in 92.5% of the Company's enlarged issued ordinary share capital (ISIN: GB00B1VCNQ84) (the "Exchange Shares") following completion of the debt for equity swap under the Scheme.

In accordance with Clause 8 of the Scheme, Account Holders and Scheme Creditors who held 2023 Notes at 5.00pm New York time on 12 March 2018 but did not timely submit a validly completed Account Holder Letter and Confirmation Form, must submit a validly completed Account Holder Letter and Confirmation Form in respect of such Notes to D.F. King (avanti@dfkingltd.com) before 24 September 2018 in order to receive their Exchange Shares (the "Custody Share Allocations").

The Custody Share Allocations will be transferred on or about the third Business Day of each calendar month following the Restructuring Effective Date provided that the applicable Account Holder and Scheme Creditor submits a validly completed Account Holder Letter and Confirmation Form by the end of the third Business Day before the end of the preceding calendar month, or if earlier, on 24 September 2018.

All documents related to the Consent Solicitation and Scheme are available on the following website: http://sites.dfkingltd.com/avanti.

Enquiries

Avanti Nigel Fox, Patrick Willcocks

Tel: +44 207 749 1600

Cenkos Securities (Nomad) Max Hartley, Nicholas Wells

Tel: +44 207 397 8900

Montfort Nick Miles, James Olley

Tel: +44 203 770 7909

Redleaf Communications Ralph Anderson

Tel: +44 20 3757 6883

D.F. King Damir Hadziosmanovic

Tel: +44 207 920 9700

Email: avanti@dfkingltd.com

Important Notices

This announcement is for information purposes only and is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

In particular, this announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933. Any securities mentioned herein have not been and will not be registered under the United States Securities Act of 1933, and no public offering will be made in the United States.

News type:RNS