Last checked at 28 Aug 2020 13:56
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Bigblu Broadband plc
('BBB' or the 'Company')
Result of General Meeting
Bigblu Broadband plc (AIM: BBB.L), a leading provider of alternative super-fast broadband services, announces that at the General Meeting held earlier today, the Resolution was duly passed by shareholders.
Completion of the disposal (the "Disposal") of the Company's UK and European satellite broadband operations, as outlined in the circular (the "Circular") to shareholders dated 3 August 2020 remains conditional (amongst other things) on (i) approval being obtained from the Australian Foreign Investment Review Board in respect of the proposed transfer of the entire issued share capital of SkyMesh Pty Limited and Bordernet Internet Pty Ltd to the Company as part of the Pre-Sale Reorganisation (as defined in the Circular) and (ii) the Italian government approving the change of control of Opensky S.p.a pursuant to the Disposal.
Andrew Walwyn, Chief Executive Officer of Bigblu Broadband plc, commented:
"We are delighted to have shareholder approval for this transformational transaction, which provides an attractive return on investment. Importantly, it enables the Company to reduce debt, return to a net cash position of c.£6 million and allows for accelerated investment and growth in the continuing business units - the fast-growing Nordics business, Australian operations (SkyMesh) and Quickline, which are all generating high levels of recurring revenues and increasing levels of cash.
"This is a great opportunity for both the Company and Eutelsat. We believe that this is a pivotal moment for both businesses with the sale facilitating Eutelsat's accelerated ramp-up of upcoming capacity with direct access to the end user as well as the maximisation of customer value over time. We have worked together for a number of years and are delighted to have come to this agreement."
For further information:
Bigblu Broadband plc | www.bbb-plc.com |
Andrew Walwyn, Chief Executive Officer Frank Waters, Chief Financial Officer Dom Del Mar, Corporate Development | Via Walbrook PR |
finnCap (Nomad and Broker) | Tel: +44 (0)20 7220 0500 |
Marc Milmo / Simon Hicks / Charlie Beeson (Corporate Finance) Tim Redfern / Richard Chambers / Manasa Patil (ECM) | |
Walbrook PR (PR / IR advisers) | Tel: +44 (0)20 7933 8780 or |
Nick Rome / Tom Cooper / Nicholas Johnson | BigbluBroadband@walbrookpr.com |
Torch Partners (Financial Adviser) Rupert Robson / Tom Roberts / Gabrielle Martini | Tel: +44 (0)20 7227 8830 |
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.
Acquisitive and organic growth have enabled BBB to grow rapidly since inception in 2008 during which time the Company has completed 21 acquisitions across nine different countries. It is extremely well positioned to continue growing as it targets customers that are trapped in the 'digital divide' with limited fibre broadband options.
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.
About Eutelsat:
Founded in 1977, Eutelsat is one of the world's leading satellite operators. With a global fleet of satellites and associated ground infrastructure, Eutelsat enables clients across the broadcast, data and professional video, government, fixed broadband and mobile connectivity markets to communicate effectively to end customers, irrespective of location. Around 7,000 television channels operated by leading media groups are broadcast by Eutelsat to approximately one billion viewers equipped for direct-to-home reception or connected to terrestrial networks. Eutelsat is headquartered in Paris, France, with offices and teleports around the globe. In the financial year ended 30 June 2019, it achieved consolidated revenues of around €1.3 billion. Eutelsat Communications, the holding company of Eutelsat, is listed on the Euronext Paris stock exchange with a market capitalisation of around €1.962 billion as at close of business on 30 July 2020, being the latest practical date prior to the publication of the Circular.