Global Connectivity PLC - Isle of Man-based broadband provider to rural areas in the UK - Invests £100,000 into Plug Group Ltd, a company developing commercial opportunities to extract copper cables that have been decommissioned from telecommunications infrastructure. Investment is structured through issue of £50,000 new shares by Plug and the purchase of £50,000 shares from a founder of Plug. Global Connectivity purchases shares at £2.00 each for 4% of Plug at a post money valuation of £2.5 million.
Executive Chair Keith Harris says: ‘We are delighted to be making an investment in a technology business that is both one that focuses on connectivity and communications, with a strong and large international element. Plug has in turn access to some fascinating technology and is focused in a large market in Brazil where there is a need for better technology. We are delighted to be bringing this news to shareholders on the last day of the year which has proven to be one of net asset growth for GCON.’
Current stock price: 0.55 pence
12-month change: down 31%
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