Bigblu Broadband PLC Result of Meeting (4990X)
August 28 2020 - 7:56AM
UK Regulatory
TIDMBBB
RNS Number : 4990X
Bigblu Broadband PLC
28 August 2020
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.GBP6 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 Via Walbrook PR
Frank Waters, Chief Financial Officer
Dom Del Mar, Corporate Development
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) Tel: +44 (0)20 7227 8830
Rupert Robson / Tom Roberts / Gabrielle
Martini
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 EUR1.3 billion.
Eutelsat Communications, the holding company of Eutelsat, is listed
on the Euronext Paris stock exchange with a market capitalisation
of around EUR1.962 billion as at close of business on 30 July 2020,
being the latest practical date prior to the publication of the
Circular.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ROMKZGZRZRKGGZM
(END) Dow Jones Newswires
August 28, 2020 08:56 ET (12:56 GMT)
Bigblu Broadband (LSE:BBB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bigblu Broadband (LSE:BBB)
Historical Stock Chart
From Apr 2023 to Apr 2024