Subscriptions Due Update

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:  [e-mail]

https://www.globalconnectivityplc.com/

Claire Louise Noyce

AQSE Stock Exchange Corporate Advisor and Corporate Broker

Hybridan LLP  

Tel: [phone]

Email: [e-mail]

www.hybridan.com

 

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