GO plc – acquires shareholding in Cablenet

GO plc announced that it has entered into a Share Purchase Agreement (the “Agreement”) with (i) Cablenet Communications Systems Limited (“Cablenet”) a limited liability company incorporated under the Laws of Cyprus and whose registered office is at 41-49 Ayiou Nicolaou Street, Engomi, 2048 Nicosia, Cyprus and (ii) Mr. Nicolas Shiacolas (being the legal, registered and beneficial owner of the entire issued share capital in Cablenet), for the purchase by the Company from Mr. Shiacolas of 25% of the issued share capital of Cablenet in exchange for a convertible loan of €12,000,000 to be granted to Cablenet. The loan will bear no interest until 31st December 2017. The Company has the option to convert the loan into equity so that upon such conversion the total number of Shares held by the Company will be equal to 45% of the issued share capital of Cablenet. The Agreement also grants the Company an option to acquire majority control in Cablenet in the future.

The Agreement is subject inter alia to regulatory approval in Cyprus.

To view the official comapny announcement, click here.