Avanti Announces Receipt of Requisite Consents

LONDON, Feb. 12, 2021 /PRNewswire/ -- Avanti Communications Group plc (AIM: AVN.L) (the "Company" or "Avanti") today announces that it has received the Requisite Consents under its previously announced consent solicitation, as amended on February 9, 2021 (the "Consent Solicitation") (i) to increase the $145.0 million basket under Section 4.09(b)(24) of the Indenture to $190.0 million and, to the extent required, certain other consents in connection with a $30.0 million capital injection, (ii) to the Funds Release, to the extent such consents are required, and (iii) to waiver certain Past Defaults. The Company is, therefore, terminating the Consent Solicitation effectively immediately.

The Consent Solicitation was made pursuant to the terms and subject to the conditions set forth in the consent solicitation statement (the "Consent Solicitation Statement") dated February 4, 2021, as amended on February 9, 2021.

At the time at which the Supplemental Indenture was executed, the Company had received consents from holders representing 78.49% in aggregate principal amount of the Notes in connection with the Consent Solicitation.

Any questions or requests for assistance related to the Consent Solicitation may be directed to D.F. King & Co., Inc., the information and tabulation agent in connection with the Consent Solicitation, at +1 (800) 317-8033 (toll free), +1 (212) 269-5550 (collect) or by email to: avn@dfking.com.

Terms used but not defined in this press release have the meaning given to them in the Consent Solicitation Statement.

Important Notices

This announcement may contain forward-looking statements regarding future events or the future financial performance of Avanti. You can identify forward looking statements by terms such as "expect", "believe", "estimate", "anticipate", "intend", "will", "could", "may", or "might", the negative of such terms or other similar expressions. These forward-looking statements include matters that are not historical facts and statements regarding Avanti's intentions, beliefs or current expectations concerning, among other things, the expected outcome of the Consent Solicitation. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. Avanti cautions you that forward-looking statements are not guarantees of future performance and that Avanti's actual results may differ materially from those described in or suggested by the forward-looking statements contained in this announcement. In addition, even if Avanti's results are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in future periods. Avanti does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in forward-looking statements of Avanti, including, among others, general economic conditions, the competitive environment and the many other risks specifically related to Avanti and its operations, including those discussed in this announcement.

This announcement is for information purposes only and is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise. The terms of the Consent Solicitation are contained in the relevant Consent Solicitation Statement and accompanying Letter of Consent and related documents. Questions concerning the Consent Solicitation should be directed to D.F. King & Co., Inc., the Information and Tabulation Agent, at +1 (800) 317-8033 (toll free), +1 (212) 269-5550 (collect) or by email to: avn@dfking.com.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

In particular, this announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933. Any securities mentioned herein have not been and will not be registered under the United States Securities Act of 1933, and no public offering will be made in the United States.

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