Avanti Communications Group Plc Full Settlement of Arbitration Claim (7306X)

TIDMAVN

RNS Number : 7306X

Avanti Communications Group Plc

14 August 2018

14 August 2018

Avanti Communications Group plc

("Avanti" or "the Group")

Avanti Communications Confirms Receipt of $20m in Full Settlement of its Arbitration Claim with Government of Indonesia

Avanti communications Group plc confirms that, in accordance with its announcement made on 10 July 2018, it has now received the full $20.075m outstanding payment in full and final settlement following the adjudication decision of the London Court of Arbitration between itself and the Government of Indonesia.

Comments Kyle Whitehill, CEO: "We thank the Government of Indonesia for its payment of the outstanding sum due to Avanti Communications Group plc, following our earlier support of Indonesian satellite communications plans which utilised our now decommissioned Artemis satellite. With this issue resolved and HYLAS 4 about to come on-stream, Avanti goes forward".

For further information, please contact:

 
Avanti Communications   Chris McLaughlin (Chief 
                         of Corporate and External 
                         Affairs) 
                         Tel: [phone] 
Montfort                Nick Miles, James Olley 
                         Tel: [phone] 
Cenkos Securities       Max Hartley 
 (Nomad)                 Tel: [phone] 
Redleaf Communications  Ralph Anderson 
                         [phone] 
 
 

About Avanti

Avanti connects people wherever they are - in their homes, businesses, in government and on mobiles. Through the HYLAS satellite fleet and partners in 118 countries, the network provides ubiquitous internet service to a quarter of the world's population.

Avanti delivers the level of quality and flexibility that the most demanding telecoms customers in the world seek. Avanti is the first mover in high throughput satellite data communications in EMEA. It has rights to orbital slots and KA-band spectrum in perpetuity that covers an end market of over 1.7bn people. The Group has invested $1.2bn in a network that incorporates satellites, ground stations, datacentres and a fibre ring.

Avanti has a unique Cloud-based customer interface that is protected by patented technology. Avanti Communications is listed in London on AIM (AVN: LSE). www.avantiplc.com

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 [e-mail] or visit www.rns.com.

END

MSCLIFVDTRISLIT

(END) Dow Jones Newswires

August 14, 2018 03:45 ET (07:45 GMT)