Global Connectivity - Subscriptions Due Update

Global Connectivity

18/12/2024 07:00

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RNS Number : 4555Q  Global Connectivity PLC  18 December 2024
Subscriptions Due Update

 

Global Connectivity plc (AQSE: GCON) ("GCON" or the "Company"), a company
focused on communication services and technologies that enhance connectivity,
and a shareholder in leading UK broadband provider Voneus Limited through its
investment in Rural Broadband Solutions Holdings Limited, is pleased to
announce that of the 95 million Ordinary Shares that require payment by 31
December, 57.5 million Ordinary Shares are being paid for or returned to the
Company and cancelled on or before 31 December.

 

On 10 September 2019, 75 million Ordinary Shares were allotted, 37.5 million
to the late former Chairman of the Company, Mr Michael Meyer, now managed by
his wife Mrs Livia Meyer ("Mrs. Meyer") and 37.5 million to Mr. Barry Hersh, a
former consultant of the Company ("former Consultant"). The Ordinary Shares
were issued at a price of 1 penny per share. The consideration for the
Ordinary Shares was left outstanding on terms that it shall be paid to the
Company in full by 31 December 2024. There are also 20 million Ordinary Shares
issued to a Director ("Director") at a price of 1 penny per share outstanding
on terms that it shall be paid to the Company in full by 31 December 2024. The
total consideration of these three transactions equates to potentially
£950,000 in total.

 

On or around 31 December 2024, the Director who is the Executive Chairman Dr
Keith Harris will surrender the 20 million Ordinary Shares held directly in
certificated form, which will be then cancelled by the Company and his SIPP,
which is his pension, will buy newly issued Ordinary Shares simultaneously for
a total consideration of £200,000 at 1 penny per share.

 

On or around 31 December 2024, Mrs. Meyer will surrender 32.5 million Ordinary
Shares which will be cancelled by the Company and will simultaneously pay
£50,000 for the remaining 5 million Ordinary Shares at 1 penny per share in
full settlement of her £375,000 obligation to the Company.

 

The Company has yet to hear from the former Consultant about the £375,000
debt for his 37.5 million Ordinary Shares, as to how he will settle his
obligation. In the meantime, the Company has written to the Consultant as a
reminder of his debt which becomes due on 31 December 2024.

 

--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:

 

Dr. 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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