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Directors' Shareholdings

15th Jul 2010 07:00

RNS Number : 3704P
Avanti Communications Group Plc
15 July 2010
 



Date: 15 July 2010

 

 

Avanti Communications Group plc

§ Directors' Shareholdings

Avanti Communications Group plc (AIM: AVN) ("Avanti" or the "Company"), the broadband satellite operator, was today notified of changes to shareholdings by the following directors.

 

On 14 July 2010, the number of shares in the revocable sub-fund of the Company's Employee Benefit Trust which are not subject to automatic revocation if Nigel Fox ceases to be an officer or employee of the Company (although they remain subject to revocation at the discretion of Bedell Trustees in accordance with the terms of the deed by which the sub-fund was established) increased by 19,643 to 31,728. As such Nigel Fox now has a direct and indirect interest in 248,823 shares in the Company, being approximately 0.36% of the issued ordinary share capital of Avanti Communications Group plc including 158,929 restricted shares which are restricted until certain conditions are met.

On 14 July 2010, the number of shares in the revocable sub-fund of the Company's Employee Benefit Trust which are not subject to automatic revocation if David Bestwick ceases to be an officer or employee of the Company (although they remain subject to revocation at the discretion of Bedell Trustees in accordance with the terms of the deed by which the sub-fund was established) increased by 50,106 to 200,073. As such David Bestwick now has a direct and indirect interest in 1,740,850 shares in the Company, being approximately 2.54% of the issued ordinary share capital of Avanti Communications Group plc including 639,586 restricted shares which are restricted until certain conditions are met.

On 14 July 2010, the number of shares in the revocable sub-fund of the Company's Employee Benefit Trust which are not subject to automatic revocation if Matthew O'Connor ceases to be an officer or employee of the Company (although they remain subject to revocation at the discretion of Bedell Trustees in accordance with the terms of the deed by which the sub-fund was established) increased by 19,891 to 101,051. As such Matthew O'Connor now has a direct and indirect interest in 343,127 shares in the Company, being approximately 0.50% of the issued ordinary share capital of Avanti Communications Group plc including 198,563 restricted shares which are restricted until certain conditions are met.

On 14 July 2010, the number of shares in the revocable sub-fund of the Company's Employee Benefit Trust which are not subject to automatic revocation if David Williams ceases to be an officer or employee of the Company (although they remain subject to revocation at the discretion of Bedell Trustees in accordance with the terms of the deed by which the sub-fund was established) increased by 80,783 to 342,242. On 14 July 2010 the sub fund sold 80,783 shares in the Company at a price of 471p per share in order to settle tax liabilities from prior year transactions. As such David Williams now has a direct and indirect interest in 2,416,879 shares in the Company, being approximately 3.52% of the issued ordinary share capital of Avanti Communications Group plc including 872,974 restricted shares which are restricted until certain conditions are met.

 

For further information please contact:

 

Avanti Communications Group Plc Tel: +44 (0) 20 7749 1600

David Williams

Cenkos Securities Tel: +44 (0) 20 7397 8900

Julian Morse / Max Hartley

Jefferies International Limited Tel: +44 (0) 20 7029 8000

Rupert Mitchell / Oliver Griffiths

Redleaf Communications Ltd Tel: +44 (0) 20 7566 6700

Emma Kane / Paul Dulieu

Notes to Editors:

 

About Avanti

 

¡ Avanti sells satellite broadband services to telecoms companies which use them to supply residential, enterprise and institutional users.

¡ Avanti's first satellite, called HYLAS 1 will launch in Q3 2010 and will be the first superfast broadband satellite launched in Europe.

¡ Avanti's second satellite called HYLAS 2 is fully funded and will launch in Q2 2012. It will extend Avanti's coverage to Africa and the Middle East.

¡ The market for 2Mb satellite broadband products in the markets served by Avanti is estimated at more than 100 million households.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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