GO plc – Shareholding in Cablenet

GO plc announced that it has obtained regulatory approval from the Competition Authority in Cyprus to proceed with the implementation of the Share Purchase Agreement for the purchase by the Company from Mr. Shiacolas of 25% of the issued share capital of Cablenet Communications Systems Limited (“Cablenet”). The Share Purchase Agreement has been signed and executed in Cyprus and pursuant to the Competition Authority’s approval will be implemented today. The Company has in the said Share Purchase Agreement also agreed to provide a loan to Cablenet for an amount of €12,000,000 convertible into equity at the option of the Company 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 Share Purchase Agreement also grants the Company an option to acquire majority control in Cablenet in the future. 

To view the official company announcement, click here.