Global Connectivity - Corporate update & further investment in Voneus

Global Connectivity

21/11/2024 07:00

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RNS Number : 0224N  Global Connectivity PLC  21 November 2024

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/
(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 (mailto:claire.noyce@hybridan.com)

www.hybridan.com (http://www.hybridan.com)

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