Last checked at 30 Sep 2021 13:45
Bigblu Broadband plc
("BBB" or the "Company")
Result of General Meeting
Bigblu Broadband plc (AIM: BBB.L), a leading provider of alternative super-fast and ultrafast broadband services, announces that at the General Meeting held earlier today, the Resolutions to approve the proposed return of capital of, in aggregate, approximately £25.9 million in cash to Shareholders, equivalent to 45 pence per Existing Ordinary Share (the "Return of Capital") were duly passed by shareholders.
This follows the successful disposals of the Company's UK and European satellite broadband operations in September 2020 and its majority shareholding in QCL Holdings Limited ("Quickline") in June 2021, resulting in a significantly strengthened balance sheet - with a net cash position of approximately £32.0 million as at 30 June 2021.
This payment to Shareholders will be made by way of a bonus issue of a new class of B Shares which the Company intends to redeem for cash in order to return 45 pence per Existing Ordinary Share to Shareholders.
Andrew Walwyn, Chief Executive Officer of Bigblu Broadband plc, commented: "We are delighted to return capital to our valued shareholder base. This was made possible by the successful sale of our majority holding in Quickline, which generated significant surplus cash for the Company. The return on investment we achieved highlights the strength of our buy and build strategy, while we believe that the remaining parts of our business are well placed to create further shareholder value."
For further information:
Bigblu Broadband Group PLC | www.bbb-plc.com |
Andrew Walwyn, Chief Executive Officer Frank Waters, Chief Financial Officer
| Via Walbrook PR |
finnCap (Nomad and Broker) Marc Milmo / Simon Hicks / Charlie Beeson (Corporate Finance) Tim Redfern / Richard Chambers (ECM)
| Tel: +44 (0)20 7220 0500 |
Walbrook PR (PR / IR Advisers) | Tel: +44 (0)20 7933 8780 or |
Nick Rome/Tom Cooper/Nicholas Johnson | BigbluBroadband@walbrookpr.com |
About Bigblu Broadband plc
Bigblu Broadband plc (AIM: BBB.L), is a leading provider of alternative super-fast broadband solutions throughout Europe and Australia. BBB delivers a portfolio of super-fast wireless broadband products for consumers and businesses unserved or underserved by fibre.
High levels of recurring revenue, increasing economies of scale and Government stimulation of the alternative broadband market in many countries provide a solid foundation for significant organic growth as demand for alternative super-fast broadband services increases around the world.
BBB's range of solutions includes satellite, next generation fixed wireless and 4G/5G delivering between 30 Mbps and 150 Mbps for consumers, and up to 1 Gbps for businesses. BBB provides customers ongoing services including hardware supply, installation, pre and post-sale support billings and collections, whilst offering appropriate tariffs depending on each end user requirements.
Importantly, as its core technologies evolve, and more affordable capacity is made available, BBB continues to offer ever-increasing speeds and higher data throughputs to satisfy market demands for 'video-on- demand'. Its alternative broadband offerings present a customer experience that is similar to that offered by wired broadband and the connection can be shared in the normal way with PCs, tablets and smart-phones via a normal wired or wireless router.