Bigblu Broadband PLC Completion of Disposal (6864A)
October 01 2020 - 1:00AM
UK Regulatory
TIDMBBB
RNS Number : 6864A
Bigblu Broadband PLC
01 October 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, the inside information is now
considered to be in the public domain for the purposes of MAR.
Bigblu Broadband plc
('BBB' or the 'Company' or the 'Group')
Completion of Disposal
Bigblu Broadband plc (AIM: BBB.L), a leading provider of
alternative broadband services, is delighted to announce that all
conditions relating to the disposal of the Company's UK and
European satellite broadband operations (the " Sale Companies " )
to Eutelsat S.A. ("Eutelsat") have now been satisfied and therefore
the disposal completed on 30 September 2020.
Pursuant to the terms of the Share Purchase Agreement and as
previously disclosed, the aggregate consideration payable for the
Disposal is GBP39.3 million, of which initial consideration
("Initial Consideration") of GBP37.8 million (subject to adjustment
as described below) is payable in cash in part on Completion and in
part following the finalisation of the completion accounts (as
described below). Additional Consideration of up to approximately
GBP1.5 million (subject to certain conditions) could be paid up to
and including 30 September 2021 (being 12 months from the date of
completion). Eutelsat is also assuming certain working capital
creditors within the Sale Companies that, at the time of the
announcement of the Disposal, amounted to approximately GBP13.9
million.
The final consideration due to the Company remains subject to
agreement on the final completion accounts including the actual
working capital at completion against an agreed target level and
adjustments for cash or debt items. It is expected that such
adjustments will be agreed by December 2020.
Andrew Walwyn, Chief Executive Officer of Bigblu Broadband
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 validating the value
proposition of our buy and build strategy. We remain extremely
excited by the potential afforded by our continuing operations -
with recent tender wins highlighting the scalability of Quickline's
operations. We look forward to providing further updates on our
Australian and Nordic businesses in due course."
For further information:
Bigblu Broadband Group 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
Marc Milmo / Simon Hicks / Charlie Beeson 0500
(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
About Bigblu Broadband plc
Bigblu Broadband plc (AIM: BBB), is a leading provider of
alternative super-fast and ultra-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.
Post the sale of its European Satellite business to Eutelsat the
remaining businesses are extremely well positioned to continue
growing as it targets customers that are trapped in the 'digital
divide' with limited fibre broadband options.
BBB provides customers ongoing services including hardware
supply, installation, pre and post-sale support billings and
collections, whilst offering appropriate tariffs depending on the
requirements of each end user.
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END
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