Bigblu Broadband PLC Result of Meeting (3770Y)
May 12 2021 - 4:26AM
UK Regulatory
TIDMBBB
RNS Number : 3770Y
Bigblu Broadband PLC
12 May 2021
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 Resolution to
approve the proposed sale of Quickline to Northleaf Capital
Partners pursuant to the Share Sale Agreement ("Transaction") and
to authorise the Directors to take all steps necessary or desirable
to complete the Transaction was duly passed by shareholders.
Completion remains conditional on consent to the Transaction
being obtained from each of the four Local Authorities who are
parties to key infrastructure contracts with Quickline, as outlined
in the circular (the "Circular") to shareholders dated 23 April
2021.
Upon Completion, the total consideration to be received by BBB
will be as follows:
-- Total cash consideration of up to GBP41.1 million of which
GBP31.1 million is payable on completion, with a further GBP10.1
million as deferred contingent consideration that is subject to
certain performance conditions being met by no later than 31 March
2022, or in certain circumstances, 31 May 2022; and
-- GBP5.6 million being satisfied in Loan Notes on Completion
(with an option to convert partially into equity) and an additional
award of Loan Notes (with an option to convert partially into
equity) of up to GBP1.8 million subject to the conditions of the
deferred contingent consideration also being met.
-- Should the above options be exercised, BBB would have an 8% stake in the ongoing business.
Andrew Walwyn, Chief Executive Officer of Bigblu Broadband plc,
commented: "We are delighted to have received shareholder approval
for the Transaction, which further highlights management's ability
to realise value for shareholders. Furthermore, the remaining parts
of our business, which will include a retained holding in
Quickline, are well placed to create further shareholder
value."
For further information:
Bigblu Broadband Group PLC www.bbb-plc.com
Andrew Walwyn, Chief Executive Officer Via Walbrook PR
Frank Waters, Chief Financial Officer
finnCap (Nomad and Broker) Tel: +44 (0)20 7220 0500
Marc Milmo / Simon Hicks / Charlie Beeson
(Corporate Finance)
Tim Redfern / Richard Chambers
(ECM)
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.
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.
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END
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