Quickline Growth Share Scheme

RNS Number : 8792K

Bigblu Broadband PLC

27 April 2020

 

Bigblu Broadband plc

("BBB" or the "Company")

Quickline Growth Share Scheme

Bigblu Broadband plc (AIM: BBB.L), a leading provider of alternative super-fast broadband services, announces the issue of growth shares to the management of QCL Holdings Limited ("QCL"), the BBB subsidiary that is the holding company of Quickline Communications Limited ("Quickline").

At the time of the £12m funding for Quickline announced on 6 August 2019, it was stated that the growth share scheme would be put in place pursuant to which Steve Jagger (the Quickline CEO), Paul Howard and certain members of the QCL management team would be eligible to acquire growth shares in QCL. These growth shares entitle them to 10% of the excess value realised in the event of a sale of Quickline or liquidity event above a hurdle linked to the post investment value of QCL plus the investors' capital preference.

Shares under this growth share scheme have now been allotted and Steve Jagger is being issued with 50,000 growth shares (representing 50% of the growth share capital) and Paul Howard is being issued with 10,000 growth shares (representing 10% of the growth share capital). At the time of the Quickline funding in August 2019 it was stated that an investment in the growth shares by Steve Jagger and Paul Howard would be treated as a related party transaction. Accordingly, the growth shares being issued to Steve Jagger and Paul Howard is a related party transaction.  

Related Party Transaction

The independent directors (being all of the Company's directors excluding Paul Howard) consider, having consulted with finnCap, the Company's nominated advisor, that the terms of this transaction are fair and reasonable insofar as shareholders of the Company are concerned.

Contacts:

Bigblu Broadband plc	www.bbb-plc.com
Andrew Walwyn, Chief Executive Officer Frank Waters, Chief Financial Officer Dominic Del Mar, Corporate Development	Via Walbrook PR
finnCap Ltd - Nomad and Broker	Tel: [phone]
Marc Milmo / Simon Hicks / Charlie Beeson
(Corporate Finance) Tim Redfern / Richard Chambers (ECM)
Walbrook (Media and Investor Relations)	Tel: [phone]
Nick Rome/Tom Cooper/Nicholas Johnson	or [e-mail]

About BBB

BigBlu Broadband plc (AIM: BBB), is a leading provider of alternative broadband solutions throughout Europe and Australia. BBB delivers a portfolio of super-fast wireless broadband products for consumers and businesses unserved or underserved by fibre.

The Company has a significant target market with 27m customers in Europe with speeds of under 4 Mb, and a further 1m in Australia who have been identified as only suitable for either satellite or fixed wireless broadband.

High levels of recurring revenue, increasing economies of scale and Government stimulation of the alternative broadband market in many countries provide a solid foundation for significant organic growth as demand for alternative super-fast broadband services increases around the world.

Acquisitive and organic growth have enabled BBB to grow rapidly since inception in 2008 during which time the Company has completed 20 acquisitions across nine different countries. It is extremely well positioned to continue growing as it targets customers that are trapped in the 'digital divide' with limited fibre broadband options.

BBB's range of solutions includes satellite, next generation fixed wireless and 4G/5G delivering between 30 Mbps and 150 Mbps for consumers, and up to 1 Gbps for businesses. It provides customers ongoing services including hardware, pre and post-sale support, installation, billing and warranties whilst offering various tariffs depending on end user requirements.

Importantly, as its core technologies evolve, and cheaper capacity is made available, BBB continues to offer ever-increasing speeds and higher data throughputs to satisfy market demands for 'video-on- demand'. Its alternative broadband offerings present a customer experience that is similar to that offered by wired broadband and the connection can be shared in the normal way with PCs, tablets and smart-phones via a normal wired or wireless router.

 

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