Any views out there on this satelite service provider floated last May and tipped in this week's I C at 5.5p

At any rate up from 6.1 to 7.5 in the past week!
Can't be bad.

Satellite Solutions Worldwide Group plc (formerly Cleeve Capital plc) is a global communications company specialising in rural, last-mile and emergency communications via satellite. If traditional broadband providers can't deliver vital communications to your home or office, its high-speed satellite broadband solutions will, wherever you want to work.

SAT up over 70% in last month and doubled over last 7 weeks at 8.88p

About SSW
Established in 2008, SSW offers a broad range of satellite broadband services with customers across 31 countries. With solutions targeting B2C and B2B users, and with products developed specifically for the broadcasting/SNG, Police and Military markets, SSW's brand Europasat (www.europasat.com) is a leading independent provider of satellite broadband internet services across Europe.

Listing on the London Stock Exchange as Satellite Solutions Worldwide Group plc (AIM:SAT) on 12 May 2015, and with a track record of strong organic growth in its subscriber base and recurring revenues, the directors of SSW believe there is a major opportunity to consolidate the businesses organic growth with acquisitions throughout the fragmented European satellite broadband market.

Working closely with satellite owners and operators, SSW targets customers in the 'digital divide' with solutions that deliver up to 30 Mb satellite based broadband services to almost any premises, whether residential, commercial or industrial across Europe, irrespective of location or local infrastructure.

Avonline Broadband Acquisition & �12m BGF Funding

RNS

RNS Number : 4830D
Satellite Solutions Wldwide Grp PLC
07 July 2016


Satellite Solutions Worldwide Group plc
("SSW" or the "Company")

Avonline Broadband Acquisition & £12m BGF Funding

Acquisition of Avonline Broadband, the leading UK satellite broadband operator

£12m funding from Business Growth Fund plc

Notice of General Meeting

Satellite Solutions Worldwide Group plc (AIM: SAT), the global communications company specialising in rural and last-mile satellite broadband, announces the conditional earnings enhancing acquisition of Avonline Satellite Services Holdings Limited ("Avonline Broadband" or "ASSH"), the leading UK satellite broadband provider for an initial consideration of £10m (the "Acquisition"), to be satisfied through existing cash resources and a new financing agreement with Business Growth Fund plc ("BGF") (the "Subscription").

Highlights

· Transformational acquisition of Avonline Broadband increases SSW's UK and global customer base to c.17,000 and c.35,000, respectively
· Post-Acquisition, SSW will be the UK's leading satellite broadband provider
· Revenue per Avonline Broadband user is comparable with SSW's UK users with gross margins c.33% higher
· Anticipated turnover from Avonline Broadband of at least £5m in the first full year of ownership
· Under the terms of the Acquisition, the first full year contribution to earnings before interest and tax from Avonline Broadband is anticipated to be c.£2.5m
· £12m investment from BGF in the form of:
o a £9.6m unsecured loan note
o a further £2.4million unsecured convertible loan note converting at 9p a share
o BGF also granted an option to acquire 74,019,915 new Ordinary Shares at 7.5p per share
o Capital repayments commence in May 2021
· Proceeds of BGF investment used to:
o Acquire Avonline Broadband in full
o Repay in full the £2m April 2016 unsecured Existing Loan Note
· Acquisition will provide economies of scale within operations, marketing, logistics and sales
· The Government's BDUK voucher scheme will help to underpin organic growth post completion of the Acquisition
· Current trading in line with management's expectations and Company remains on target to achieve 100,000 users by the end of the financial year 2017


Satellite Solution Worldwide Group plc CEO Andrew Walwyn commented:

"Combining Avonline Broadband with our existing business gives us a tremendous position of strength within the burgeoning UK satellite broadband market. The acquisition generates a number of economies of scale and operational benefits which we already have plans to implement following completion. We anticipate this new base will allow us to benefit considerably from the accelerated future roll out of the BDUK voucher scheme.

"On completion of the Acquisition, we will have c.35,000 users across Europe, and this propels us towards our stated target of 100,000 customers by the end of 2017. All acquisitions to date have been successfully integrated and are performing well, with the Company enjoying organic growth.

"I am delighted we have received further support from BGF. The acquisition of Avonline Broadband is our largest to date and shows just how far we have come since joining the market in May last year and we intend to continue with our stated buy-and-build strategy going forward to deliver significant shareholder value over the near-term. The BGF investment will allow us to significantly strengthen our position in the UK and I am proud to have the support of an institution such as BGF as we continue to grow."

Sarah Ledwidge, Business Growth Fund, commented:

"BGF has been working with Andrew and his team for a number of months, having provided a small amount of funding earlier in the year. We have been extremely impressed by the business and team he has built in response to an exciting market opportunity. We believe in management's vision for the Company and their ability to deliver it. This was a great opportunity to provide a meaningful, long-term investment and to help accelerate SSW's growth in the months and years ahead.

"This is BGF's fourth significant investment since the Referendum vote, demonstrating that there are business owners and management teams that are forging ahead with their plans. That is a positive sign. No one knows the outcome of the next few weeks, but now is not the time for businesses to start putting the brakes on. Now is the time to keep investing, keep partnering and keep innovating - and that is something we are wholeheartedly committed to doing."

Enquiries:


Satellite Solutions Worldwide Group PLC
www.satellitesolutionsworldwide.com
Andrew Walwyn, Chief Executive Officer
Via Walbrook PR


Strand Hanson (Financial & Nominated Adviser)
Tel: +44 (0)20 7409 3494
Andrew Emmott / Ritchie Balmer


Arden Partners plc (Broker)
Tel: +44 (0)20 7614 5900
Catherine Miles / James Felix / Ciaran Walsh


Walbrook PR (PR advisers)
Tel: +44 (0)20 7933 8790
Paul Cornelius / Nick Rome
or ssw@walbrookpr.com


About SSW
Established in 2008, SSW offers a broad range of satellite broadband services with customers across 31 countries. With solutions targeting B2C and B2B users, and with products developed specifically for the broadcasting/SNG, Police and Military markets, SSW's brand Europasat (www.europasat.com) is a leading independent provider of satellite broadband internet services across Europe.

Listing on the London Stock Exchange as Satellite Solutions Worldwide Group plc (AIM:SAT) on 12 May 2015, and with a track record of strong organic growth in its subscriber base and recurring revenues, the directors of SSW believe there is a major opportunity to consolidate the businesses organic growth with acquisitions throughout the fragmented European satellite broadband market.

Working closely with satellite owners and operators, SSW targets customers in the 'digital divide' with solutions that deliver up to 30 Mb satellite based broadband services to almost any premises, whether residential, commercial or industrial across Europe, irrespective of location or local infrastructure.

About BGF
BGF (Business Growth Fund) is the UK's most active provider of growth capital to small and mid-sized businesses. The companies it backs are privately-owned or listed on AIM, and typically have revenues of between £5m and £100m. BGF makes initial investments of between £2m-£10m and can provide additional funding to support further growth. The investment provided is typically in the form of equity in return for a minority equity stake.

BGF is an independent company with capital of up to £2.5 billion and is backed by five of the UK's main banking groups - Barclays, HSBC, Lloyds, RBS and Standard Chartered.
www.bgf.co.uk
Twitter: @bgf_team

Now Renamed BigBlu Broadband with new EPIC [BBB] - and a 15:1 CONsolidation....DYOR.
+FWIW I'm unaware of any UK company that has CONsolidated and then gone on to represent good value for the LT shareholders....
. . . . rather it is possibly a mechanism to raise the sp so Directors are allowed to sit at the adult table - until the shares slip again. CONsolidation does cost money - shareholders' money... all IMHO... but maybe the 9p x 15 will be different this time....