Announcement
Avanti Comms Group : Seven-Year Capacity Lease Agreement
RNS Number : 6307B
Avanti Communications Group Plc
24 September 2018
Avanti Communications Group plc Signs Seven-Year
Capacity Lease Agreement worth US$ 84 million
London, 24 September, 2018
Avanti Communications Group plc (AVN.L, "Avanti", or "the Company") has signed a seven-year wholesale capacity lease agreement, worth US$ 84 million over the period, with a major international satellite service provider. The Company will receive US$ 12 million per annum in quarterly instalments for the duration of the agreement once commenced. The agreement is expected to commence in Q3 of the Company's next financial year ending 31 December 2019.
The capacity lease agreement for its HYLAS-fleet of satellites will increase significantly the Company's usage and fill-rates.
Kyle Whitehill, CEO of Avanti, said: "This agreement is a major vote of confidence in the Avanti network and offer. Since joining Avanti my ambition has been to drive growth through increased usage of the fleet and this deal does just that. I look forward to continuing to realise that ambition, and the Company looks forward to delivering the great service and support that we are known for."
This announcement contains inside information.
For further information:
Avanti: Chris McLaughlin [email protected] +44 759 096 4695
Cenkos: Max Hartley, Harry Hargreaves
Redleaf: Ralph Anderson [email protected]
Montfort: James Olley [email protected] +447974 982302
Note to Editors:
About Avanti Communications:
Avanti connects people wherever they are - in their homes, businesses, in government and on mobiles. Through the HYLAS satellite fleet and partners in 118 countries, the network provides ubiquitous internet service to a quarter of the world's population. Avanti delivers the level of quality and flexibility that the most demanding telecoms customers in the world seek. Avanti is the first mover in high throughput satellite data communications in EMEA. It has rights to orbital slots and Ka-band spectrum in perpetuity that covers an end market of over 1.7bn people. The Group has invested $1.2bn in a network that incorporates satellites, ground stations, datacentres and a fibre ring. Avanti has a unique Cloud-based customer interface that is protected by patented technology. Avanti Communications is listed in London on AIM (AVN: LSE).
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