Satellite Solutions Wldwide Grp PLC Annual Financial Report and Notice of AGM (6403M)

TIDMSAT

RNS Number : 6403M

Satellite Solutions Wldwide Grp PLC

30 April 2018

Satellite Solutions Worldwide Group plc

("SSW" or the "Company")

Publication of Annual Report and Accounts and Notice of Annual General Meeting 2018

Share consolidation

Change of name

Satellite Solutions Worldwide Group plc (AIM:SAT), a leading provider of fast broadband services, announces that its Annual Report and Accounts for the financial year ended 30 November 2017, the Notice of its Annual General Meeting ("AGM") and accompanying circular, together with a Form of Proxy have been posted to shareholders.

The AGM will be held on Wednesday 23 May 2018 at 1.00pm at the offices of Shepherd and Wedderburn LLP, Condor House, 10 St. Paul's Churchyard, London, EC4M 8AL.

A copy of the Annual Report and Accounts, the notice of AGM and the accompanying circular will also be available on the Company's website at: www.satellitesolutionsworldwide.com

Share consolidation

As announced on 26 April 2018, the Company is proposing to reorganise its share capital by way of a consolidation (the "Consolidation"). Upon implementation of the Consolidation, every 15 ordinary shares of 1p each in the capital of the Company ("Existing Ordinary Shares") then in issue will be consolidated into 1 new ordinary share of 15p ("New Ordinary Share"). Shareholder approval of the Consolidation is being sought at the AGM and, subject to shareholder approval, the Consolidation is expected to become effective at 8.00 a.m. on 24 May 2018.

The Board believes that the Consolidation will result in a more appropriate number of shares in issue for a company of SSW's size in the UK market. The Consolidation may also help to make the consolidated shares more attractive to future investors and may result in a narrowing of the bid / offer spread, thereby improving liquidity whilst also lowering price volatility.

As all of the Existing Ordinary Shares are proposed to be consolidated, the proportion of issued ordinary shares in the Company held by each Shareholder immediately before and immediately after the Consolidation will, save for fractional entitlements, remain unchanged.

Shareholders are also being asked to approve an amendment to the Company's articles of association (the "Articles") at the AGM in connection with the proposed sale of fractional entitlements arising from the Consolidation.

Further details of the Consolidation, and the proposed amendment to the Articles, are set out in the circular to shareholders accompanying the notice of AGM.

The New Ordinary Shares arising upon implementation of the Consolidation will have the same rights as the Existing Ordinary Shares including voting, dividend and other rights.

As at the date of this Announcement, the Company has 682,610,252 Ordinary Shares in issue. It is expected that, immediately prior to the AGM, the Company will have 844,650,090 Existing Ordinary Shares in issue (assuming that (i) the Placing Shares and the Consideration Shares referred to in the Company's announcement of 26 April 2018 are allotted and issued and (ii) no other ordinary shares are allotted and issued by the Company between the date of this document and the Annual General Meeting and excluding any ordinary shares issued in connection with the consolidation as described below).

Following the Consolidation, the Company's new ISIN Code will be GB00BD5JMP10 and its new SEDOL Code will be BD5JMP1.

The expected timetable of principal events is set out below. The dates and times are indicative only and subject to change. Any changes to the indicative timetable information will be notified by a regulatory announcement.

Change of name

As indicated in the Company's announcement of 26 April 2018, it is envisaged that the Directors will, in accordance with the Articles, resolve on the date of AGM to change the name of the Company to "Bigblu Broadband plc" with such change of name to become effective upon the issue of the certificate of incorporation on change of name by the Registrar of Companies. At that time, the Company's AIM ticker symbol will be changed to BBB. The Company's website address will be changed to www.bbb-plc.com. The Company believes that the change of name will better reflect its global services and operations.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

FOR AGM AND CONSOLDIATION

 
                                                                      2018 
 Latest time and date for receipt of the Forms         1.00 p.m. on 21 May 
  of Proxy 
 AGM                                                    1.00 pm. on 23 May 
 Latest time and date for dealings in Existing           close of business 
  Ordinary Shares                                                on 23 May 
 Record time and date for the Consolidation ("Record     close of business 
  Date")                                                         on 23 May 
 Admission effective/ commencement of dealings         8.00 a.m. on 24 May 
  in New Ordinary Shares 
 CREST accounts credited with the New Ordinary                      24 May 
  Shares 
 Despatch of definitive certificates for New                     by 7 June 
  Ordinary Shares 
 

Notes:

(1) The dates and/or times set out in the timetable above are indicative only and may be subject to change.

(2) If any of the above times and/or dates should change, the revised times and/or dates will be notified by an announcement to a regulatory information service.

(3) To facilitate the Consolidation, it is expected that immediately prior to the Record Date, up to 14 Existing Ordinary Shares may be issued to ensure that the number of Existing Ordinary Shares is exactly divisible by 15.

Contacts:

 
Satellite Solutions Worldwide Group        www.satellitesolutionsworldwide.com 
 PLC 
Andrew Walwyn, Chief Executive Officer     Via Walbrook PR 
 
Numis Securities (Nomad and broker)        Tel: [phone] 
 Oliver Hardy (Corporate Advisory) 
 James Black / Jonathan Abbott (Corporate 
 Broking) 
 
Walbrook PR (PR advisers)                  Tel: [phone] 
Paul Cornelius / Nick Rome/ Sam            or [e-mail] 
 Allen 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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April 30, 2018 12:07 ET (16:07 GMT)