21 November 2024
("GCON" or the "Company")
Further
investment in Voneus and update on GCON corporate
activity
Global Connectivity plc
(AQSE: GCON), a company focused on
communication services and technologies that enhance connectivity
and a shareholder in leading UK broadband provider Voneus Limited
("Voneus") through its investment in Rural Broadband Solutions
Holdings Limited ("RBSHL"), is pleased to announce that on 14
November, a further combined capital investment of
£20m was made into Voneus by its shareholders.
As reported on 12 June 2024, RBSHL's
stake in Voneus increased to 41%.
In August, the further capital injection reduced
GCON's holding in RBSHL to 11.8% and we reported a valuation of
£13.6m in our half year results for the six months ended 30 June
2024 as a post period event, which equated to 3.75p per GCON
share.
With this latest November
investment, RBSHL's stake in Voneus remained at
41% after investing £8.2m of the £20m. As in August, Global
Connectivity plc again elected not to invest and now owns a 9.5%
stake in RBSHL's common equity. This
equates to £11.7m or 3.2 pence per GCON
share. The intrinsic value of Voneus
should be expected to have increased at the point of future
investment, which serves to mitigate the effects of dilution for
GCON.
In tandem, the Company has made good
progress in its search for compelling
investment opportunities in alternative relevant services sectors.
The Company has analysed a number of businesses in the area of
copper replacement solutions which allow the inner core of copper
cables to be extracted without excavation and in turn fibre installation. The Company has
reached an agreement in principle to invest in and
is in advanced due diligence and documentation on a viable opportunity in this sector.
--ENDS--
The information communicated within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No 596/2014
which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. Upon publication of this announcement, this
inside information is now considered to be in the public
domain.
The Directors of the Company accept
responsibility for the content of this announcement.
For
more information, contact:
Keith Harris
Executive Chairman
Global Connectivity plc
Email: info@globalconnectivityplc.com
https://www.globalconnectivityplc.com/
Claire Louise Noyce
AQSE Stock Exchange Corporate
Advisor and Corporate Broker
Hybridan LLP
Tel: +44 20 3764 2341
Email: claire.noyce@hybridan.com
www.hybridan.com