Bigblu Broadband PLC Result of Meeting (3770Y)

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RNS Number : 3770Y

Bigblu Broadband PLC

12 May 2021

Bigblu Broadband plc

("BBB" or the "Company")

Result of General Meeting

Bigblu Broadband plc (AIM: BBB.L), a leading provider of alternative super-fast and ultrafast broadband services, announces that at the General Meeting held earlier today, the Resolution to approve the proposed sale of Quickline to Northleaf Capital Partners pursuant to the Share Sale Agreement ("Transaction") and to authorise the Directors to take all steps necessary or desirable to complete the Transaction was duly passed by shareholders.

Completion remains conditional on consent to the Transaction being obtained from each of the four Local Authorities who are parties to key infrastructure contracts with Quickline, as outlined in the circular (the "Circular") to shareholders dated 23 April 2021.

Upon Completion, the total consideration to be received by BBB will be as follows:

-- Total cash consideration of up to GBP41.1 million of which GBP31.1 million is payable on completion, with a further GBP10.1 million as deferred contingent consideration that is subject to certain performance conditions being met by no later than 31 March 2022, or in certain circumstances, 31 May 2022; and

-- GBP5.6 million being satisfied in Loan Notes on Completion (with an option to convert partially into equity) and an additional award of Loan Notes (with an option to convert partially into equity) of up to GBP1.8 million subject to the conditions of the deferred contingent consideration also being met.

   --    Should the above options be exercised, BBB would have an 8% stake in the ongoing business. 

Andrew Walwyn, Chief Executive Officer of Bigblu Broadband plc, commented: "We are delighted to have received shareholder approval for the Transaction, which further highlights management's ability to realise value for shareholders. Furthermore, the remaining parts of our business, which will include a retained holding in Quickline, are well placed to create further shareholder value."

For further information:

 
 Bigblu Broadband Group PLC                   www.bbb-plc.com 
 Andrew Walwyn, Chief Executive Officer       Via Walbrook PR 
  Frank Waters, Chief Financial Officer 
 finnCap (Nomad and Broker)                   Tel: [phone] 
  Marc Milmo / Simon Hicks / Charlie Beeson 
  (Corporate Finance) 
  Tim Redfern / Richard Chambers 
  (ECM) 
 Walbrook PR (PR / IR Advisers)               Tel: [phone] 
                                               or 
 Nick Rome/Tom Cooper/Nicholas Johnson        [e-mail] 
 

About Bigblu Broadband plc

Bigblu Broadband plc (AIM: BBB.L), is a leading provider of alternative super-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.

Acquisitive and organic growth have enabled BBB to grow rapidly since inception in 2008 during which time the Company has completed 21 acquisitions across nine different countries. It is extremely well positioned to continue growing as it targets customers that are trapped in the 'digital divide' with limited fibre broadband options.

BBB's range of solutions includes satellite, next generation fixed wireless and 4G/5G delivering between 30 Mbps and 150 Mbps for consumers, and up to 1 Gbps for businesses. BBB provides customers ongoing services including hardware supply, installation, pre and post-sale support billings and collections, whilst offering appropriate tariffs depending on each end user requirements.

Importantly, as its core technologies evolve, and more affordable capacity is made available, BBB continues to offer ever-increasing speeds and higher data throughputs to satisfy market demands for 'video-on- demand'. Its alternative broadband offerings present a customer experience that is similar to that offered by wired broadband and the connection can be shared in the normal way with PCs, tablets and smart-phones via a normal wired or wireless router.

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May 12, 2021 05:26 ET (09:26 GMT)