6 Jan 2010 12:00
Date: 6 January 2010
On behalf of: Avanti Communications Group plc (AIM: AVN), ("Avanti", "the Group" or "the Company")
Avanti Communications Group plc
(AIM: AVN), ("Avanti", "the Group" or "the Company")
Result of General Meeting
Further to the announcements on 21 and 29 December 2009 detailing the conditional placing of a total of 22,250,000 ordinary shares of 1p each in the Company ("Ordinary Shares") at a placing price of 400 pence raising £89 million ("the Placing") and the £194 million debt facilities to fund the proposed HYLAS 2 launch, Avanti is pleased to confirm that all resolutions put to shareholders at its General Meeting held today were duly passed.
As outlined in the circular sent to shareholders on 21 December 2009, the Company also announces that it has issued 1,500,000 Ordinary Shares to the Employee Benefit Trust ("EBT"). These Ordinary Shares are reserved to enable Avanti to incentivise staff when appropriate, and are intended mainly for new staff joining as a result of the HYLAS 2 financing. They will be subject to strict performance conditions in line with the Company's current share incentive schemes. The Chief Executive and Technical Director will not participate in any new awards under the current LTIP.
Application has been made to the London Stock Exchange for the 1,500,000 Ordinary Shares to be issued to the EBT to be admitted to trading on AIM. It is expected that Admission of the Ordinary Shares issued pursuant to the Placing and to the EBT will become effective and that dealings in a total of 23,750,000 Ordinary Shares will commence on AIM at 8.00 a.m. on 7 January 2010.
David Williams, Chief Executive of Avanti, said:
"I am grateful for the support of our shareholders in concluding this transformational transaction. The response to our announcement from potential customers has already been very strong, and I am highly confident that all shareholders will see strong benefits from this transaction in the near future."
Enquiries to:
| Avanti Communications Group plc David Williams | http://www.avanti-communications.com 020 7749 1600 |
| Redleaf Communications Ltd | avanti@redleafpr.com |
| Wendy Watherston / Paul Dulieu | 020 7566 6700 |
| Cenkos Securities | |
| Julian Morse / Ivonne Cantú | 020 7397 8900 |