31 December 2024
("GCON" or the "Company")
Investment in new company
Global Connectivity plc (AQSE: GCON), a company focused on communication services and technologies that enhance connectivity, and a shareholder in leading UK broadband provider Voneus Limited through its investment in Rural Broadband Solutions Holdings Limited, is pleased to announce that it has invested £100,000.00 into a Company called PLUG Group Limited ("PLUG") by way of £50,000.00 of new shares issued by PLUG and £50,000.00 shares purchased from a founder of PLUG. The shares were purchased at £2.00 each for 4 per cent of PLUG at a post money valuation of £2,500,000.00.
PLUG is a company developing commercial opportunities to extract decommissioned copper cables for Carriers including Telefonica Brazil. PLUG uses both direct-pull methods as well as a pump-extract method developed by Fast2Fibre UK for which PLUG has the exclusive rights to use their technology in South America.
Dr. Keith Harris, Executive Chairman, commented: "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."
--ENDS--
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain.
The Directors of the Company accept responsibility for the content of this announcement.
For more information, contact:
Dr. Keith Harris
Executive Chairman
Global Connectivity plc
Email: info@globalconnectivityplc.com
https://www.globalconnectivityplc.com
Claire Louise Noyce
AQSE Stock Exchange Corporate Advisor and Corporate Broker
Hybridan LLP
Tel: +44 20 3764 2341
Email: claire.noyce@hybridan.com
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