REG - Bigblu Broadband PLC - Update on Disposal

Bigblu BroadbandAnnouncement

19/11/2025 09:15

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RNS Number : 1729I  Bigblu Broadband PLC  19 November 2025

 

Bigblu Broadband plc

('BBB', the 'Group' or the 'Company')

 

Update on Disposal

 

Bigblu Broadband plc (AIM: BBB.L), provides the following update on the
contingent consideration that formed part of the terms of the Skymesh disposal
to SKM Telecommunication ("SKM").

 

On 23 December 2024 the Group completed the disposal of its controlling
interest in Skymesh. Pursuant to the terms of the sale agreement, the Group is
potentially entitled to a maximum additional cash consideration on the first
anniversary of the disposal on the following basis:

i.      13.7% of the Headline Price (c.AUD$6.9m (c.£3.5m)); plus

ii.     a cash amount equal to Skymesh's net profit after tax, before
depreciation and amortisation and unrealised foreign exchange movements, but
including management fees and exceptional items, for the month of November
2024; plus

iii.    an amount equal to the excess of the Completion Payment above the
Completion Payment Cap if applicable; less

iv.   the balance of the Skymesh customer debt not collected during the
period of six months from 1 February 2025 which is greater than 120 days
overdue relating to the implementation of the Pathfinder system which resulted
in approximately $2.8m (the "Pathfinder Implementation Debt") not being
invoiced or slow to be invoiced and the subsequent delayed collection of such
due payments from customers; less

v.    the costs incurred by SKM in undertaking a recovery program of the
Pathfinder Implementation Debt under the direction of the Company.

 

The Company is currently in discussions with SKM having regard to the
performance of SKyMesh post its disposal by the Company. These discussions are
ongoing but the outcome of the negotiations with SKM could impact not only
whether or not the company is entitled to any deferred consideration but could
also impose a financial obligation on the Company to SKM. The Board will keep
Shareholders update on developments.

 

Separately, the Company is also announcing today its intention to seek
shareholder approval to cancel the admission of its shares to trading on AIM.

 

For further information:

 

 Bigblu Broadband Group PLC                            www.bbb-plc.com (http://www.bbb-plc.com)
 Frank Waters (CEO)

 Cavendish Capital Markets Limited (Nomad and Broker)  Tel: +44 (0)20 7220 0500

 Marc Milmo / Finn Gordon (Corporate Finance)

 Tim Redfern / Harriet Ward (ECM)

 

 

About Bigblu Broadband plc

 

Bigblu Broadband plc (AIM: BBB.L) is focused on supporting its retained
shareholdings in Skymesh and Quickline to realise value for BBB shareholders
as well as driving its Starlink performance.

 

 

 

 

 

 

 

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