Global Connectivity PLC Significant development in investment in RBSHL (5215N)
25 Setembro 2023 - 6:00AM
UK Regulatory
TIDMGCON
RNS Number : 5215N
Global Connectivity PLC
25 September 2023
25th September 2023
Global Connectivity plc
("GCON" or the "Company")
Significant development in investment in Rural Broadband
Solutions Holdings Limited
Global Connectivity plc (AQSE: GCON), the company focused on
communication services and technologies that enhance connectivity,
announces a significant development in its investment in Rural
Broadband Solutions Holdings Limited ("RBSHL").
This is further to our previous announcement, in October 2022,
when GCON announced an investment from Tiger Infrastructure
Partners Fund III LP ( " Tiger ") and a change of name to Global
Connectivity plc. Tiger agreed then to invest up to GBP75 million
into Rural Broadband Solutions Holdings Limited (" RBSHL "), a
newly formed company, and assume control of its two operating
subsidiaries, SWS Broadband and Cadence Networks. As a result,
Tiger assumed ownership of 85% of the common equity of RBSHL. Rural
Broadband Solutions Plc (the previous name of the plc with the epic
code RBBS) changed its name to GCON and, under the terms of the
transaction, received cash and has retained 15% of the ownership of
RBSHL. GCON has an ownership interest of 15% in RBSHL following
repayment of debt and accrued interest (not subject to further
dilution from the Tiger investment of up to GBP75 million).
It has been announced that Macquarie Capital, the Israel
Infrastructure Fund and Tiger Infrastructure Partners have merged
SWS Broadband and Cadence Networks with Voneus Broadband, and
simultaneously acquired Broadway Partners. SWS Broadband, Cadence
Networks and Broadway Partners all begin operating as part of
Voneus as of today.
The combined group will be funded with up to GBP250 million in
new capital from the three shareholders and bank lenders to advance
the company's and the UK government's shared objective of closing
the digital divide. It is intended that RBSHL will
disproportionately fund the combined group going forward, which
will increase its stake in Voneus Broadband from the current 32%.
We believe these developments put Voneus in a game-changing
position to meet the connectivity needs of underserved communities
without broadband connectivity. The combined company has a target
to serve over 350,000 premises across the UK. Further details can
be found in the statement issued by Macquarie Capital and Tiger
here:
https://www.macquarie.com/uk/en/about/news/2023/new-funding-and-consolidation-positions-voneus-as-uk-rural-broadband-market-leader.html
Keith Harris, Executive Chairman of GCON has joined the Board of
Voneus Broadband.
Keith Harris, Executive Chairman of Global Connectivity plc,
commented: "This combination is an incredibly significant step in
the development of the provision of broadband services to the UK's
rural communities. The financial strength and ambition of the
institutional backing for the combined businesses will accelerate
the rate of growth and provide even greater ability for future
expansion. In turn, it will substantially enhance the value to GCON
's shareholders through its participation, without capital demands
and with certain protection from dilution, in the ownership of the
combined company. The Board of GCON has also been actively engaged
in investigating appropriate investment opportunities in
technically based businesses that enhance connectivity either
between consumers or businesses that provide services to consumers
where enhanced connectivity is essential, provided that these
investments will not compete with Voneus. It can be expected that
this process will now accelerate."
- -ENDS --
For more information, contact:
Keith Harris
Executive Chairman
Global Connectivity plc
Email: info@globalconnectivityplc.com
https://www.globalconnectivityplc.com/
Claire Louise Noyce
AQSE Stock Exchange financial advisor and corporate broker
Hybridan LLP
Tel: +44 20 3764 2341
Email: claire.noyce@hybridan.com
www.hybridan.com
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END
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September 25, 2023 05:00 ET (09:00 GMT)
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