Bigblu Broadband shareholders approve tender offer

LONDON - Bigblu Broadband plc (AIM:BBB), a provider of alternative broadband services, announced Wednesday that its shareholders have approved a special resolution regarding a tender offer to shareholders. The decision came during the company’s General Meeting held earlier today.

The tender offer, which is part of a capital reduction strategy, received overwhelming support with more than 99% of votes cast in favor. The approval is contingent on the subsequent court-sanctioned capital reduction, expected to be effective on April 10, 2025. The tender offer is set to close on April 22, 2025, at 1:00 p.m. London time, with no acceptance of late tenders unless an extension is announced.

The company’s capital reduction still requires a Directions Hearing scheduled for March 28, 2025, followed by a Confirmation Hearing on April 8, 2025. If the court approves the capital reduction, the company will proceed with the tender offer, with the results to be announced on April 23, 2025. The purchase of ordinary shares under the tender offer is expected to take place on April 24, 2025.

Bigblu Broadband’s initiative is part of its broader strategy to manage capital effectively. The proxy results detailed in the announcement showed a near-unanimous agreement for both the capital reduction and the market purchase of ordinary shares, indicating strong shareholder support for the company’s plans.

The timeline for the tender offer includes crediting CREST accounts for revised holdings of uncertificated ordinary shares or, in the case of unsuccessful tenders, for entire holdings by April 24, 2025. Tender offer proceeds for uncertificated ordinary shares will be credited by April 29, 2025, and cheques for certificated ordinary shares will be dispatched by May 6, 2025.

This strategic move by Bigblu Broadband is based on a press release statement and is subject to change, with any alterations to be communicated to shareholders through regulatory announcements. The company has cautioned that forward-looking statements included in the announcement are not guarantees of future performance and may differ materially from current expectations due to various risks and uncertainties.

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