|
Digital 9 Infrastructure PLC on Wednesday said it has completed the sale of its Atlantic and Irish Sea subsea fibre business, Aqua Comms, for net proceeds of £34.0 million and plans to return part of the cash to shareholders as part of its managed wind-down. The London-based investor in internet infrastructure such as data centres and subsea fibre said the final consideration was £1.6 million higher than the £32.4 million valuation reported in its interim results at the end of June, reflecting completion account adjustments and movements in foreign exchange rates. Digital 9 said the board intends to return the majority of the proceeds to shareholders on a pro-rata basis through a compulsory capital redemption, after retaining around one-third of the funds to meet anticipated future working capital requirements. The company said these requirements include ongoing operational costs through to the final wind-down of the group, following the planned disposals of its remaining assets, Elio Networks and Arqiva. Those sale processes are expected to take place over the coming years as part of Digital 9’s previously announced realisation strategy. Digital 9 added that maintaining a working capital reserve would help manage exit timing and provide flexibility to meet any unforeseen operational expenses. Digital 9 announced plans for a managed wind-down in January 2024, a strategy that was approved by shareholders in March that year. Shares in Digital 9 were up 5.0% at 6.09 pence in London on Wednesday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
