RNS Number : 1583U
Avanti Communications Group Plc
10 July 2018
10 July 2018
Avanti Communications Group plc
("Avanti" or "the Group")
Update on Final Award in Arbitration Proceedings
On 7 June 2018, the Group announced that Avanti Communications Limited had obtained a final award against the Government of Indonesia in the sum of USD 20.075 million, payable by 31 July 2018 ("Award").
Due to administrative delays from the London Court of International Arbitration in the release of the Award, Avanti and the Government of Indonesia have agreed to extend the payment date to 14 August 2018, to ensure that the Government of Indonesia has sufficient time to complete its internal regulatory administration to enable payment to be made.
The Government of Indonesia has confirmed to Avanti that it intends to satisfy the Award in full.
For further information, please contact:
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Avanti Communications
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Kyle Whitehill, Nigel Fox
Tel: +44 20 7749 1600
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Montfort
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Nick Miles, James Olley
Tel: +44 203 770 7909
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Cenkos Securities (Nomad)
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Max Hartley
Tel: +44 207 397 8900
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Redleaf Communications
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Ralph Anderson
+44 (0)20 3757 6883
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About Avanti
Avanti connects people wherever they are - in their homes, businesses, in government and on mobiles. Through the HYLAS satellite fleet and partners in 118 countries, the network provides ubiquitous internet service to a quarter of the world's population.
Avanti delivers the level of quality and flexibility that the most demanding telecoms customers in the world seek. Avanti is the first mover in high throughput satellite data communications in EMEA. It has rights to orbital slots and KA-band spectrum in perpetuity that covers an end market of over 1.7bn people. The Group has invested $1.2bn in a network that incorporates satellites, ground stations, datacentres and a fibre ring.
Avanti has a unique Cloud-based customer interface that is protected by patented technology. Avanti Communications is listed in London on AIM (AVN: LSE). www.avantiplc.com
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