Avanti Communications has joined London’s Alternative Investment market. The satellite telecommunications services provider currently uses leased satellite capacity, but is planning to launch its own satellite. Avanti will take delivery of HYLAS in December 2008. It will then use the craft for the sale of wholesale capacity to telecommunications and media network operators. The company recently demerged from Avanti Screenmedia, which was listed itself in July 2004.“
Obtaining a separate listing gives us an improved profile from which to build our wholesale satellite services and expand our customer base,” said David Williams, chief executive, Avanti Communications. “As satellite spectrum is a finite resource and market demand is high, we expect these factors to provide significant advantages as we continue to build a large and valuable business.”
The new satellite has been approved by the ITU and local regulator Ofcom and will be stationed at 33.5 degrees West. £23.2 million in funding has come in the form of a contract from the European Space Agency. The remaining costs are expected to be debt financed.