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Final Award in Arbitration Proceedings

Released 07:00 07-Jun-2018

RNS Number : 6113Q
Avanti Communications Group Plc
07 June 2018
 

7 June 2018

 

Avanti Communications Group plc

("Avanti" or "the Group")


Final Award in Arbitration Proceedings

 

On 9 August 2017, Avanti Communications Limited commenced arbitration proceedings (under the London Court of International Arbitration Rules 2014) against the Ministry of Defence of the Republic of Indonesia to recover all sums payable to it under an agreement for lease of its ARTEMIS satellite.

 

On 6 June 2018, the arbitral tribunal rendered a final award, ordering the Government of Indonesia to pay to Avanti the total sum of USD 20.075 million. The award is payable by 31 July 2018.

 

 

This announcement contains inside information.

 

For further information, please contact:

Avanti Communications

 

 

Kyle Whitehill, Nigel Fox
Tel: +44 20 7749 1600

 

Montfort

 

 

 

Nick Miles,  James Olley

Tel: +44 203 770 7909

 

 

Cenkos Securities (Nomad)

 

 

 

Max Hartley
Tel: +44 207 397 8900

 

 

Redleaf Communications

Ralph Anderson

+44 (0)20 3757 6883 



 

About Avanti

Avanti connects people wherever they are - in their homes, businesses, in government and on mobiles. Through the HYLAS satellite fleet and partners in 118 countries, the network provides ubiquitous internet service to a quarter of the world's population.

Avanti delivers the level of quality and flexibility that the most demanding telecoms customers in the world seek. Avanti is the first mover in high throughput satellite data communications in EMEA. It has rights to orbital slots and KA-band spectrum in perpetuity that covers an end market of over 1.7bn people. The Group has invested $1.2bn in a network that incorporates satellites, ground stations, datacentres and a fibre ring.

Avanti has a unique Cloud-based customer interface that is protected by patented technology. Avanti Communications is listed in London on AIM (AVN: LSE). www.avantiplc.com 

 

 


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Final Award in Arbitration Proceedings - RNS