Satellite Solutions Wldwide Grp PLC Completion of Acquisitions and TVR (1915G)

TIDMSAT

RNS Number : 1915G

Satellite Solutions Wldwide Grp PLC

03 August 2016

THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Satellite Solutions Worldwide Group plc

("SSW" or the "Company")

Completion of Acquisitions and TVR

Satellite Solutions Worldwide Group plc (AIM: SAT), the global communications company specialising in the provision of rural and last-mile broadband via satellite, announces that further to the announcements dated 29 July 2016, admission of the Placing Shares and the Vendor Shares will occur at 8 a.m. tomorrow ("Admission"). Completion of the Acquisitions will become effective immediately after Admission.

Capitalised terms are as defined in the Company's announcements on 29 July 2016, unless the context requires otherwise.

Details of the Vendor Shares

A total of 26,362,771 Vendor Shares have been issued to part satisfy the consideration for the Acquisitions. The number of Vendor Shares issued was based on a GBP: NOK exchange rate of 11.2575 and GBP: A$ rate of 1.7591, being the prevailing rates at midday today. For further information on the Vendor Shares and lock-in arrangements, please refer to the Company's announcements on 29 July 2016.

Total Voting Rights and Director Shareholdings

Following Admission, the total number of Ordinary Shares in issue will be 536,175,719. SSW does not hold any Ordinary Shares in treasury. The Placing Shares and the Vendor Shares rank pari passu in all respects with the existing Ordinary Shares. The aforementioned figure of 536,175,719 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, SSW under the Financial Conduct Authority's Disclosure and Transparency Rules.

All of the Company's directors participated in the Placing, subscribing for a combined total of 2,083,335 Placing Shares, which equated to a total director cash subscription of GBP125,000. The director subscription took place on the same terms as the wider Placing. Details of the director subscription and their shareholdings post Admission are in the table below.

 
                                                           % of the 
                                                           enlarged       Number 
                                    No. of    Resulting      issued     of share 
                                   Placing      holding      voting      options 
                       Current      Shares    following       share         held 
 Director         shareholding    acquired    Admission     capital 
 Andrew 
  Walwyn            48,645,345     416,666   49,061,991         9.2    3,500,000 
 Rodger 
  Sargent            8,748,421     416,666    9,165,087         1.7    1,000,000 
 Frank Waters        3,416,104     416,666    3,832,770         0.7    6,346,753 
 Paul Howard         1,550,000     416,666    1,966,666         0.4    1,000,000 
 Michael 
  Tobin                580,000     416,666      996,666         0.2    2,000,000 
 

This announcement contains inside information.

Enquiries:

 
 Satellite Solutions Worldwide   www.satellitesolutionsworldwide.com 
  Group plc 
 Andrew Walwyn, Chief            Via Walbrook PR 
  Executive Officer 
 
 Strand Hanson (Financial        Tel: [phone] 
  & Nominated Adviser)            3494 
 Andrew Emmott / Ritchie 
  Balmer 
 Arden Partners plc (Broker)     Tel: [phone] 
                                  5900 
 Catherine Miles / James 
  Felix / Ciaran Walsh 
 Walbrook PR (PR advisers)       Tel: [phone] 
                                  8790 
 Paul Cornelius / Nick 
  Rome 
 
 Oakley Capital (Financial       Tel: [phone] 
  Adviser) 
 Chris Godsmark / Victoria 
  Boxall 
 

About SSW

Established in 2008, SSW offers a broad range of satellite broadband services with customers across 31 countries. With solutions targeting B2C and B2B users, and with products developed specifically for the broadcasting/SNG, Police and Military markets, SSW's brands represent leading independent providers of satellite broadband internet services.

Listing on the London Stock Exchange as Satellite Solutions Worldwide Group plc (AIM:SAT) on 12 May 2015, and with a track record of strong organic growth in its subscriber base and recurring revenues, the directors of SSW believe there is a major opportunity to build-on the business's organic growth with acquisitions throughout the fragmented European satellite industry.

Working closely with satellite owners and operators, SSW targets customers in the 'digital divide' with solutions that deliver up to 30 Mb satellite based broadband services to almost any premises, whether residential, commercial or industrial, irrespective of location or local infrastructure.

This information is provided by RNS

The company news service from the London Stock Exchange

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August 03, 2016 12:28 ET (16:28 GMT)