25 Apr 2018 12:14
25 April 2018
Avanti Communications Group plc
Results of General Meeting
Update on Restructuring
Avanti Communications Group PLC (AIM: AVN), ("Avanti", the "Company" and, together with its subsidiary undertakings, the "Group") is pleased to announce that all resolutions put to shareholders at its General Meeting today were duly passed. Accordingly, Avanti expects to complete the implementation of the Restructuring on 26 April 2018, which, pursuant to the terms of the Scheme, is designated as the Restructuring Implementation Date.
Application has been made for the admission of the 1,999,676,704 Exchange Shares to trading on AIM ("Admission"), which is expected to become effective and dealings commence at 8.00 a.m. on 26 April 2018. A further announcement will be released once the Restructuring Effective Date has occurred.
Following Admission, the total number of Ordinary Shares (ISIN: GB00B1VCNQ84, and which shall include the Exchange Shares) in issue with voting rights will be 2,161,812,653 Ordinary Shares and Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Shareholders wishing to participate in the Open Offer should note that the latest time and date for receipt of Application Forms and payment in full under the Open Offer and settlement of relevant CREST instructions (as appropriate) is 10.00 a.m. on 26 April 2018. The terms and conditions of the Open Offer are contained in the shareholder circular published by the Company on 9 April 2018 ("Circular").
Capitalised terms used but not otherwise defined in this announcement shall have the same meanings given to them in the Circular.
For further information, please contact:
Avanti Communications | Nigel Fox, Patrick WillcocksTel: +44 20 7749 1600 |
Montfort | Nick Miles, James Olley Tel: +44 203 770 7909 |
Cenkos Securities (Nomad) | Max Hartley, Nicholas Wells, Harry HargreavesTel: +44 207 397 8900 |
Redleaf Communications | Ralph Anderson +44 (0)20 3757 6883 |
About Avanti
Avanti connects people wherever they are - in their homes, businesses, in government and on mobiles. Through the HYLAS satellite fleet and partners in 118 countries, the network provides ubiquitous internet service to a quarter of the world's population.
Avanti delivers the level of quality and flexibility that the most demanding telecoms customers in the world seek. Avanti is the first mover in high throughput satellite data communications in EMEA. It has rights to orbital slots and KA-band spectrum in perpetuity that covers an end market of over 1.7bn people. The Group has invested $1.2bn in a network that incorporates satellites, ground stations, datacentres and a fibre ring.
Avanti has a unique Cloud-based customer interface that is protected by patented technology. Avanti Communications is listed in London on AIM (AVN: LSE). www.avantiplc.com