TIDMAVN

RNS Number : 2993K

Avanti Communications Group Plc

09 April 2018

Avanti Communications Group plc

Clarification on Potential Director Holdings post the Open Offer

Avanti Communications Group PLC (AIM: AVN), ("Avanti", the "Company") announces that further to the announcement released at 8:25am today in relation to the proposed restructuring, the proposed waiver of obligations under Rule 9 and the proposed open offer and notice of general meeting ("Proposed Restructuring and Open Offer"), the illustrative table setting out the Directors' potential holdings after completion of the Proposed Restructuring and Open Offer has been corrected to reflect the illustrative position based upon their respective open offer entitlements calculated off of the Company's existing share capital.

 
                                  Number of     Percentage         Number of          Percentage 
                          Existing Ordinary    of existing   Ordinary Shares         of Ordinary 
                                     Shares   issued share        (following   Shares (following 
                                                   capital     Admission)(1)       Admission)(1) 
Kyle Whitehill                            -              -                 -                   - 
Paul Walsh(2)                       230,000          0.14%           284,762               0.01% 
David Bestwick(3)                 1,301,954          0.80%         1,611,943               0.07% 
Peter Reed                                -              -                 -                   - 
Craig Chobor                              -              -                 -                   - 
Michael Leitner                           -              -                 -                   - 
Andrew Green(4)                      21,888          0.01%            27,099               0.00% 
Paul Johnson(5)                      10,000          0.01%            12,381               0.00% 
Richard Mastoloni                         -              -                 -                   - 
Christopher McLaughlin                    -              -                 -                   - 
Alan Harper                               -              -                 -                   - 
Nigel Fox(6)                        134,580          0.08%           166,623               0.01% 
Total                             1,698,422          1.05%         2,102,808               0.10%

1. Assumes that all of the Exchange Shares have been issued and that 100 per cent. of the Ordinary Shares theoretically available under the Open Offer are subscribed for in the Open Offer.

2. Paul Walsh has confirmed to the Company that he intends to subscribe for his Open Offer Entitlement in full.

3. David Bestwick has confirmed to the Company that he intends to subscribe for his Open Offer Entitlement at least in part. The figures in this table assume that Mr Bestwick subscribes for his Open Offer Entitlement in full.

4. Andrew Green has confirmed to the Company that he intends to subscribe for his Open Offer Entitlement in full.

5. Paul Johnson has confirmed to the Company that he intends to subscribe for his Open Offer Entitlement in full.

6. Nigel Fox has confirmed to the Company that he intends to subscribe for his Open Offer Entitlement at least in part. The figures in this table assume that Mr Fox subscribes for his Open Offer Entitlement in full.

A further announcement will be made following the results of the Proposed Restructuring and Open Offer.

For further information, please contact:

 
Avanti Communications      Nigel Fox, Patrick Willcocks 
                            Tel: +44 20 7749 1600 
Montfort                   Nick Miles, James Olley 
                            Tel: +44 203 770 7909 
Cenkos Securities (Nomad)  Max Hartley, Nicholas Wells, Harry 
                            Hargreaves 
                            Tel: +44 207 397 8900 
Redleaf Communications     Ralph Anderson 
                            +44 (0)20 3757 6883

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 09, 2018 09:16 ET (13:16 GMT)

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