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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Avanti Communications Group PLC    AVN   GB00B1VCNQ84

AVANTI COMMUNICATIONS GROUP PLC

(AVN)
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Avanti Communications Group PLC : Avanti to cherry pick African customers with third satellite

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03/01/2012 | 08:18am EDT

Firm has raised £73.8 million to fund HYLAS 3.

The launch of a third satellite, HYLAS 3, will give Avanti Communications PLC the ability to "cherry-pick" customers in Africa, according to the company's chief executive David Williams Monday. Avanti, which sells satellite data communications services to telecoms companies that use them to supply residential, enterprise and institutional users, said earlier Monday it has conditionally raised GBP73.8 million in a share placing to fully fund the cost of the design, construction and launch of HYLAS 3. "The satellite technology from HYLAS 3 is wonderful for emerging markets and gives us the flexibility to cherry-pick customers," William told Dow Jones in an interview.

The company has already launched HYLAS 1, which covers Europe and HYLAS 2, which extends the company's coverage to the Middle East and Africa, is due to be launched in summer. HYLAS 3, which is expected to go into orbit in 2015, will increase Avanti's exposure to emerging markets to 80%, from 70% after the launch of HYLAS 2. "We don't currently have coverage in the Gulf of Guinea, where there's huge oil wealth," Williams says, adding that the company sees attractive opportunities with large oil companies in Nigeria, for example. He also pointed to democratic liberalization in North Africa, which "could lead to better economic growth" and adds,"the design of this satellite means that I can put it where I want it quickly responding to demand where it emerges." The success of the share placing, which he sees as much preferable to taking on debt, shows that his confidence in the company's ability to generate strong revenues, is shared by investors, he says. Shares at 1320 GMT up 2 pence, or 0.5%, at 287 pence in a slightly lower FUSE SmallCap Index--down 0.11%.

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Capitalization 26,0 M
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NameTitle
Kyle David Whitehill Chief Executive Officer & Director
Alan Paul Harper Chairman
Nigel Adrian Dawson Fox Group Finance Director & Executive Director
Paul Robert Johnson Independent Non-Executive Director
Michael E. Leitner Non-Executive Director
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