Bigblu Broadband PLC Quickline Growth Share Scheme (8792K)
27 Abril 2020 - 1:00AM
UK Regulatory
TIDMBBB
RNS Number : 8792K
Bigblu Broadband PLC
27 April 2020
Bigblu Broadband plc
("BBB" or the "Company")
Quickline Growth Share Scheme
Bigblu Broadband plc (AIM: BBB.L), a leading provider of
alternative super-fast broadband services, announces the issue of
growth shares to the management of QCL Holdings Limited ("QCL"),
the BBB subsidiary that is the holding company of Quickline
Communications Limited ("Quickline").
At the time of the GBP12m funding for Quickline announced on 6
August 2019, it was stated that the growth share scheme would be
put in place pursuant to which Steve Jagger (the Quickline CEO),
Paul Howard and certain members of the QCL management team would be
eligible to acquire growth shares in QCL. These growth shares
entitle them to 10% of the excess value realised in the event of a
sale of Quickline or liquidity event above a hurdle linked to the
post investment value of QCL plus the investors' capital
preference.
Shares under this growth share scheme have now been allotted and
Steve Jagger is being issued with 50,000 growth shares
(representing 50% of the growth share capital) and Paul Howard is
being issued with 10,000 growth shares (representing 10% of the
growth share capital). At the time of the Quickline funding in
August 2019 it was stated that an investment in the growth shares
by Steve Jagger and Paul Howard would be treated as a related party
transaction. Accordingly, the growth shares being issued to Steve
Jagger and Paul Howard is a related party transaction.
Related Party Transaction
The independent directors (being all of the Company's directors
excluding Paul Howard) consider, having consulted with finnCap, the
Company's nominated advisor, that the terms of this transaction are
fair and reasonable insofar as shareholders of the Company are
concerned.
Contacts:
Bigblu Broadband plc www.bbb-plc.com
Andrew Walwyn, Chief Executive Officer Via Walbrook PR
Frank Waters, Chief Financial Officer
Dominic Del Mar, Corporate Development
finnCap Ltd - Nomad and Broker Tel: +44 (0)20 7220 0500
Marc Milmo / Simon Hicks / Charlie
Beeson
(Corporate Finance)
Tim Redfern / Richard Chambers
(ECM)
Walbrook (Media and Investor Relations) Tel: +44 (0)20 7933 8780
Nick Rome/Tom Cooper/Nicholas Johnson or bigblubroadband@walbrookpr.com
About BBB
BigBlu Broadband plc (AIM: BBB), is a leading provider of
alternative 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.
The Company has a significant target market with 27m customers
in Europe with speeds of under 4 Mb, and a further 1m in Australia
who have been identified as only suitable for either satellite or
fixed wireless broadband.
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
20 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. It provides
customers ongoing services including hardware, pre and post-sale
support, installation, billing and warranties whilst offering
various tariffs depending on end user requirements.
Importantly, as its core technologies evolve, and cheaper
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.
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 rns@lseg.com or visit www.rns.com.
END
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