Broadband-by-satellite company Avanti Communications Group PLC said the launch of its first satellite will be delayed by up to six weeks, as it also announced it has raised GBP70 million through a placing to fund its third satellite and repay bank loans that financed the first.
Avanti had originally expected HYLAS 1--which will provide super fast broadband internet access to households across Europe--to launch by the end of September.
In a statement it said while the satellite itself is expected to be ready on time, uncertainty surrounding the new Soyuz launch pad in French Guyana has led to a scheduling risk in relation to the launch vehicle.
The firm will update the market as soon as the launch partner and date are settled.
Daniel Stewart analyst Mike Jeremy told clients in a note that the delay is unlikely to be material "as it depends on the ability to schedule a cost-effective second payload for the launcher."
At 1250 GMT, Avanti Communications shares were trading 4 pence, or 0.9%, lower at 490 pence, underperforming a flat Dow Jones U.K. Smaller Companies index.
Avanti has also raised GBP70 million by placing more than 16 million shares with existing and new institutional shareholders.
It priced the shares at 430 pence each, a 13% discount to the 495 pence closing price of its shares Friday.
The company will repay the GBP32 million it borrowed to finance HYLAS 1.
The loan is also being used to provide additional resources for the company to re-domicile its HYLAS 2 assets offshore, so that the satellite is closer to its expected customers while it will also make "significant" long-term savings in tax.
Avanti said the placing is conditional, among other things, on the passing of certain resolutions at a general meeting July 28.
Some of the cash is to be set aside to fund a third satellite, called HYLAS 3, to take advantage of possible new business development opportunities, the company siad.
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