Bigblu Broadband PLC Completion of Disposal (5602B)
June 11 2021 - 1:00AM
UK Regulatory
TIDMBBB
RNS Number : 5602B
Bigblu Broadband PLC
11 June 2021
Bigblu Broadband plc
('BBB', the 'Company' or the 'Group')
Completion of Disposal of QCL Holdings Limited ("Quickline")
Valuing 100% of Quickline at up to GBP92.1 million
Bigblu Broadband plc (AIM: BBB.L), a leading provider of
super-fast and ultrafast broadband services, is delighted to
announce that all conditions relating to the disposal of the
Company's holding in Quickline to funds managed by Northleaf
Capital Partners ("Disposal") have now been satisfied and therefore
the Disposal completed on Thursday 10 June 2021. The Disposal
values BBB's shareholding in Quickline at up to GBP48.6 million,
equivalent to approximately 84 pence per BBB ordinary share*.
As previously disclosed, 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 gross has now been received, 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.
The Board has undertaken to review the steps needed to return
any surplus cash to shareholders within the current financial
year.
Andrew Walwyn, Chief Executive Officer of Bigblu Broadband plc,
commented:
"We are delighted to have completed the transaction, which
provides a significant return on investment and strengthens our
balance sheet at the same time as further validating the value
proposition of our buy and build strategy."
*based on the total maximum consideration that could be received
by Bigblu Broadband (including the full deferred contingent
consideration) of GBP48.6 million and a total issued share capital
of 57,589,857 ordinary shares as at 22 April 2021 (being the latest
practicable date prior to the publication of this document).
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)
Tel: +44 (0)20 7933 8780
Walbrook PR (PR / IR advisers) 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.
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END
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