Strategic Partnership and Share Subscription

RNS Number : 5655Q

Vislink PLC

02 September 2014

 



2 September 2014

Vislink plc

Pebble Beach Systems to partner with Harmonic Inc to provide integrated playout solutions to global broadcast market

Strategic partnership sees Harmonic place an initial order valued at £2.0m to secure product for onward sale in its integrated packages

Harmonic to acquire 4,000,000 new ordinary shares in Vislink plc at 50 pence per share, by way of a direct subscription

Vislink plc ("Vislink" or the "Group"), the global technology business specialising in high performance wireless communications products and services for the broadcast, defence and security markets, is pleased to announce that Pebble Beach Systems ("PBS"), the Group's wholly-owned subsidiary which it acquired in March 2014, has signed a strategic partnership with Harmonic Inc ("Harmonic") (Nasdaq: HLIT) the worldwide leader in video delivery infrastructure for emerging television and video services.

Harmonic's production-ready technology enables content and service providers to efficiently create, prepare, and deliver differentiated services for television and new media video platforms.

The partnership will enable Harmonic to sell packages integrated with PBS products to the international broadcast market.

As part of the partnership agreement, Harmonic will place an initial order with PBS valued at £2.0m receivable in 2014 to secure PBS product for onward sale in its integrated packages.

Subscription

In parallel with the strategic partnership, Harmonic has subscribed for 4,000,000 new ordinary shares of 2.5 pence each in the Group ("New Ordinary Shares") at a price of 50 pence per share by way of a direct subscription with the Group (the "Subscription").

The proceeds of the Subscription will be used by the Group to further strengthen its balance sheet.

Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 4 September 2014. The New Ordinary Shares will be fully paid and will rank pari passu in all respects with the Group's existing ordinary shares.

Following Admission, the total issued ordinary share capital of the Group will comprise 122,603,134 ordinary shares of 2.5 pence each. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Group under the Disclosure and Transparency Rules.

Furthermore, following Admission, Harmonic will be interested in approximately 3.26 per cent. of the Group's issued share capital.

John Hawkins, Executive Chairman of Vislink, commented: 

"This agreement is another key strategic partnership for Vislink and reinforces our strategy of moving into software and providing customer centric, solution-led and best-in-class products which enable Vislink to successfully capture new expanded markets. This agreement will also provide significant new channels to market for our software solutions. We are delighted to welcome Harmonic as a partner and shareholder."

Peter Alexander, Senior Vice President of Harmonic, commented: 

"We are pleased to seal this strategic partnership with Vislink and become aligned with their interests as a shareholder. We are both innovation leaders in video, and see significant synergy across our customer base and product lines. Together we can grow market share and broaden our addressable markets globally."

- ENDS-

For further information, please contact:

John Hawkins, Executive Chairman	[phone]
Ian Davies, Group Finance Director Shaun Dobson / Alex Wright N+1 Singer, Nominated Adviser and Broker	[phone] [phone]
Charlie Jack / Katie Matthews Hudson Sandler	[phone]

About Pebble Beach Systems  

Since its formation in April 2000 Pebble Beach Systems has grown to become one of the world leaders in television automation and media management. It has developed a portfolio of products which have the flexibility to support a wide range of broadcast applications. Designed around a modular and scalable software architecture, Pebble Beach Systems automation products are suitable for multichannel playout as well as high pressure live programming environments such as news or sports, whilst supporting new technologies such as HD, IPTV and interactive television.

Its international client base includes TV Globo Brazil, MBC UAE, Fox News, KCET USA, Banderaintes Brazil, OSN UAE, Viasat UK and ZDF Germany, with installations in over 60 countries.The business is based in Weybridge, Surrey with offices in the USA, Dubai and Singapore and employs over 60 people. For further information, visit www.pebble.tv.

About Harmonic

Harmonic (Nasdaq:HLIT) is the worldwide leader in video delivery infrastructure for emerging television and video services. The Company's production-ready innovation enables content and service providers to efficiently create, prepare, and deliver differentiated services for television and new media video platforms. More information is available at www.harmonicinc.com.

About Vislink plc

The Vislink Group is a global technology business specialising in the collection and delivery of high quality video and associated data from the field to the point of usage. Vislink provides solutions to the broadcast market for the collection of live news, sport and entertainment events and to the surveillance market including defence, law enforcement and public safety customers. With offices in the UK, USA, Australia, UAE, Singapore and Brazil, Vislink employs over 300 people worldwide. Our hardware and software products offer a complete wireless solution from scene (video contribution) to screen (video playout and automation). Our solutions deploy IP, cellular and more traditional microwave radio and satellite transmission and our studio software solutions deploy the latest software innovation.

The Company is fully listed on the AIM Market of the London Stock Exchange (AIM: VLK). For further information, visit www.vislink.com.

 

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