LONDON: Global Connectivity plc (AQSE: GCON) has announced a substantial capital investment into Voneus Limited, a leading UK broadband provider. The investment, totaling £18 million, was contributed by both shareholders and lenders on June 6, 2024.
This strategic financial infusion has resulted in an increase of Rural Broadband Solutions Holdings Limited’s (RBSHL) stake in Voneus from 38% to 41%. Global Connectivity plc holds a 15% share of RBSHL’s common equity, marking a notable uptick in its indirect ownership of Voneus.
The valuation approach adopted by Global Connectivity plc aligns with the conservative practices of Tiger Infrastructure, GCON’s partner and the majority shareholder of RBSHL. Tiger Infrastructure has invested a significant £72 million in RBSHL to date, with the majority of funds allocated since the merger announcement involving Macquarie’s and RBSHL’s interests in Voneus in September 2023.
This merger and subsequent investments have propelled RBSHL’s ownership percentage from an initial 25% to approximately 41%, thereby enhancing GCON’s indirect stake in the broadband provider.
Furthermore, Voneus has achieved full operational integration, leading to accelerated growth in the number of homes passed, readiness for service, and customer sales. Despite the historic valuation of £6.8 million or 1.9p per GCON share as of December 31, 2023, the current figures do not fully reflect the increased ownership percentage or the burgeoning success of Voneus’s business operations. The company’s trajectory suggests a promising future for both Voneus and Global Connectivity plc in the realm of advanced connectivity solutions.
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