28 March 2024
Global Connectivity
plc
("GCON" or the
"Company")
Warrant
Update
Global Connectivity plc (AQSE:
GCON), a Company focused on communication services and technologies
that enhance connectivity, is pleased to announce that in
recognition of the support of some of our early and loyal
shareholders and advisers, your Board has agreed that the terms of
the warrants attached to shares subscribed for at the time of our
initial public offering in October 2020, which total 101,622,400
warrants, will be amended.
We are extending the warrant
exercise period by two years when it expires on 21 April 2024 to 20
April 2026 for the 100,000,000 investor warrants and decreasing the
warrant exercise price to 1.5p per share. The 1,622,400 adviser
warrants which expire on 21 October 2025, will be extended by six
months to 20 April 2026 and on the same terms at a warrant exercise
price of 1.5p per share, which will take effect at the same time as
the 100,000,000 investor warrants are being extended and
amended.
Keith Harris, Executive Chairman,
commented: "Since we started trading as a public company in October
2021, the market for rural broadband services in the UK has
substantially expanded. Many altnets, including our investee
company, Rural Broadband Solutions Holdings Limited, have
secured infrastructure funding. We are particularly fortunate to
have as our partners two of the most active funds, initially Tiger
and subsequently, Macquarie, which resulted in GCON becoming a
minority investor in Voneus, which is today one of the largest and
fastest growing companies serving the rural communities of the UK.
Progress in the organic and acquisition growth of Voneus is
encouraging for the future benefit of all its
stakeholders.
In recognition of the support
offered to us by investors and other stakeholders at the stage of
our initial listing, your board has decided to improve the terms of
the warrants issued at that time as described above. We continue to
explore other potential investments in companies in the
communication services space and technologies that enhance
connectivity."
--ENDS--
For
more information, contact:
Keith Harris
Executive Chairman
Global Connectivity plc
Email: info@globalconnectivityplc.com
https://www.globalconnectivityplc.com/
Claire Louise Noyce
AQSE Stock Exchange Corporate
Advisor and Corporate Broker
Hybridan LLP
Tel: +44 20 3764 2341
Email: claire.noyce@hybridan.com
www.hybridan.com