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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kcom Group Plc | LSE:KCOM | London | Ordinary Share | GB0007448250 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 120.00 | 120.00 | 120.20 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCFHL TIDMKCOM
RNS Number : 5866L
CityFibre Infrastructure Hldgs PLC
12 January 2016
For immediate release 12 January 2016
CITYFIBRE INFRASTRUCTURE HOLDINGS PLC
('CityFibre' or the 'Group' or the 'Company')
Result of General Meeting
CityFibre (AIM: CFHL), a leading designer, builder, owner, and operator of fibre optic infrastructure in UK towns and cities, is pleased to announce that all the Resolutions put to Shareholders at the General Meeting of the Company held earlier today were duly passed. The Resolutions were required to approve, inter alia, the acquisition of certain national infrastructure assets (excluding the Hull and East Yorkshire area) from KCOM Group plc (the "Acquisition") for a total consideration of GBP90.0 million together with an underwritten Placing to raise GBP80.0 million, as announced by the Company on 14 December 2015.
As Shareholder approval has now been granted, as required under Rule 14 of the AIM Rules, the admission of the New Ordinary Shares and readmission of the Existing Ordinary Shares to trading on AIM and dealings in such Ordinary Shares will take place at 8.00 a.m. on 14 January 2016.
Completion of the Acquisition is expected to occur on 18 January 2016.
Following Admission, the total number of Ordinary Shares in issue will be 265,672,644. There are no shares held in treasury. Accordingly, the total number of voting rights in the Company on Admission will be 265,672,644. This figure may be used by Shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
Defined terms used in this announcement shall have the meanings set out in the Admission Document posted to shareholders of the Company dated 14 December 2016.
Transaction Highlights
-- Equity raise of GBP80 million before fees, committed debt facilities of up to GBP100 million to fund the GBP90 million asset acquisition and further development of network assets, and a framework agreement to provide KCOM with access to the acquired infrastructure for a term up to fifteen years, subject to a minimum term of five years and a minimum revenue of GBP5.0 million per annum for those five years;
-- Acquisition of metro networks in 24 towns and cities, including 21 towns and cities that are entirely new to CityFibre;
-- Accelerates footprint expansion by five to seven years over the Company's organic growth plan and provides greater scope to supply national service providers;
-- Creates a pro forma footprint of 36 metro markets with significant asset presence from day one - the directors estimate the expanded footprint addresses 24,500 public sector sites, 7,000 cell sites, 245,000 businesses and 3.5 million homes, or approximately 15 per cent. of UK households;
-- Combined footprint of 36 metro markets positions CityFibre as a national alternative to BT Openreach in the wholesale fibre infrastructure market;
-- Contractual agreement with KCOM anchors the Acquisition within the Company's usual TCV-capex guidelines, and forms a platform for future revenue through further provision of fibre connectivity to KCOM in the business and public sector markets; and
-- The addition of the national long distance network allows CityFibre to serve connectivity needs of national service providers, data centres and mobile operators in search of a genuine alternative to combined connectivity solutions offered by BT Wholesale.
Greg Mesch, Chief Executive of CityFibre, commented:
"We've enjoyed great shareholder support for this transaction, and we're also pleased to welcome new shareholders to the register. The acquisition of these assets represents a unique opportunity for CityFibre to increase its reach into 21 new markets, and enables this asset to be integrated into CityFibre's wholesale shared infrastructure model, opening up the use of the network to many users across all industry verticals. Following the acquisition, CityFibre will have a national footprint covering 36 cities, along with a national core network, both with abundant fibre capacity available for use by national and regional service providers and mobile operators.
"The demand for greater connectivity and future-proof networks in the UK has never been greater, and there is increasing recognition of this need from all stakeholders in the market. The acquisition of these assets will enable CityFibre to significantly accelerate its Gigabit City roll out and play a very meaningful role in redressing the legacy of underinvestment currently plaguing the UK connectivity landscape."
For further information, please contact:
CityFibre Infrastructure Holdings plc www.cityfibre.com Greg Mesch, Chief Executive Officer Tel: 0845 293 0774 Terry Hart, Chief Financial Officer James Enck, Head of Investor Relations Tel: 0333 150 6283 finnCap (Nomad and Joint Bookrunner) www.finncap.com Stuart Andrews / Christopher Raggett (Corporate Tel: 020 7220 0500 Finance) Simon Johnson (Corporate Broking) Liberum (Joint Bookrunner) www.liberum.com Steve Pearce / Steven Tredget / Richard Bootle Tel: 020 3100 2000 / Ben Roberts Vigo Communications www.vigocomms.com Jeremy Garcia / Fiona Henson Tel: 020 7016 9570
About CityFibre:
CityFibre enables gigabit connectivity through designing, building, owning, and operating fibre optic network infrastructure. It is the largest independent wholesale provider of fibre infrastructure to mid-sized cities and major towns across the UK, providing gigabit-capable infrastructure for enterprise and public sector organisations, service providers, mobile network operators and businesses.
The Group owns and operates over 600 route kms of local access networks serving 1,000 customer connections in 61 towns and cities in the UK, including Aberdeen, Bath, Bournemouth, Coventry, Derby, Doncaster, Dundee, Edinburgh, Huddersfield, Hull, Newcastle, Newport, Peterborough, Sheffield, and York.
To date the Company has launched six Gigabit City projects in York, Peterborough, Coventry, Aberdeen, Edinburgh and Glasgow, where city-wide pure fibre networks known as 'COREs' bring world-class Internet connectivity and the benefits of gigabit speeds to every aspect of the city's community. The Company has also delivered the UK's first dark fibre-based Fibre-to-the-Tower network in Hull, under a national framework agreement with MBNL, Three UK and EE.
The CityFibre COREs are deployed using the Company's Well Planned City (WPC) design philosophy, in which its city-wide core fibre infrastructure is designed with thousand-strand fibre cables in dual ducts optimally routed to serve the present and future demand of the public sector, mobile base stations, business park estates, and ultimately designed to serve as feeder and distribution network for Fibre-to-the- Home deployments.
CityFibre is also a founding member of a joint venture with TalkTalk and Sky. Established in early 2014, the collaboration aims to prove the viability of gigabit speed Fibre-to-the-Premises (FTTP) networks and services for homes and businesses. Work is currently underway to connect tens of thousands of homes and businesses in York to a future-proof FTTP modern digital infrastructure.
CityFibre is based in London, United Kingdom, and its shares trade on the AIM Market of the London Stock Exchange (AIM: CFHL). To find out more, please visit: www.cityfibre.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
REGLLFFILVIFLIR
(END) Dow Jones Newswires
January 12, 2016 05:39 ET (10:39 GMT)
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