Avanti is a young and dynamic UK company with 14 years experience in the satellite industry and provides broadband services across Europe. Listed on the London Stock Exchange (AVN), Avanti's first satellite HYLAS 1 will launch in the second quarter of 2010. HYLAS 2 will follow in 2012.
As outlined in the circular sent to shareholders on 21 December 2009, the Company also announces that it has issued 1,500,000 Ordinary Shares to the Employee Benefit Trust (“EBT”). These Ordinary Shares are reserved to enable Avanti to incentivize staff when appropriate, and are intended mainly for new staff joining as a result of the HYLAS 2 financing. They will be subject to strict performance conditions in line with the Company's current share incentive schemes. The Chief Executive and Technical Director will not participate in any new awards under the current LTIP.
Application has been made to the London Stock Exchange for the 1,500,000 Ordinary Shares to be issued to the EBT to be admitted to trading on AIM. It is expected that Admission of the Ordinary Shares issued pursuant to the Placing and to the EBT will become effective and that dealings in a total of 23,750,000 Ordinary Shares will commence on AIM at 8.00 a.m. on 7 January 2010.
David Williams, Chief Executive of Avanti, said: “I am grateful for the support of our shareholders in concluding this transformational transaction. The response to our announcement from potential customers has already been very strong, and I am highly confident that all shareholders will see strong benefits from this transaction in the near future.”