Fladgate has advised AIM listed Satellite Solutions Worldwide Group plc on its £12m investment from Business Growth Fund plc in the form of a £9.6m unsecured loan note and a further £2.4m unsecured convertible loan note converting at 9p a share. Business Growth Fund was also granted an option to acquire 74,019,915 new Ordinary Shares at 7.5p per share.
The proceeds from the investment will be used to fund the acquisition of Avonline Broadband. The acquisition will deliver Satellite Solutions Worldwide economies of scale within sales, marketing, logistics and operations.
Satellite Solutions Worldwide, is a global communications company specialising in rural and last-mile satellite broadband.
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