Gigaclear secures additional £6.5m to accelerate rollout of Gigabit rural broadband

13th February 2015

Filed Under: Investor Announcements

• Funding secured from existing institutional shareholder, CF Woodford Equity Income Fund, as well as both existing and new private shareholders

• Forward ...

OXFORDSHIRE, 13th February 2015: Gigaclear (the “Company”), the provider of ultrafast fibre-to-the-premises networks to rural communities, is pleased to announce the successful completion of a new round of equity financing. £6.5m in new funds have been raised from both existing and new institutional and private shareholders with the CF Woodford Equity Income Fund, managed by high-profile fund manager Neil Woodford, adding to its initial investment from July 2014 and Forward Private Equity becoming the Company’s second institutional shareholder.

Focused on bringing high-quality, dependable broadband connectivity to the UK’s rural population and offering customers symmetric speeds of up to 1Gbps (1000Mbps) today, Gigaclear now has a pipeline of several hundred rural communities looking for ultrafast and reliable broadband. The Company currently owns and operates 17 rural fibre networks across Oxfordshire, Kent and Rutland, and has 20 under construction across Oxfordshire, Kent, Rutland, Northamptonshire and Cambridgeshire.

Today’s £6.5 million in new equity funding has been secured from both existing and new private and institutional shareholders, with the CF Woodford Equity Income Fund adding to its previous £5.0 million investment from July 2014, and Forward Private Equity becoming Gigaclear’s second institutional shareholder. Following this new round of funding, the Company now has over 100 private and institutional shareholders. This additional investment will allow Gigaclear to continue to expand its footprint and bring ultrafast broadband to thousands of customers in rural areas.

Matthew Hare, Chief Executive, Gigaclear said:

“The staff, management, Directors and shareholders of Gigaclear are determined to accelerate our delivery of ultrafast broadband. With strong support from existing and new shareholders, we will meet the record demand we are seeing for our transformational broadband. Rural communities across the UK realise that they can leapfrog a whole generation of technology with a new, ultrafast, pure fibre network that can scale to thousands of megabits per second, future proofing the communities for many many years and allowing them, even today, to reap benefits not yet available to many towns and cities in the UK. We are already putting this new investment to work, building new networks and serving thousands of homes and businesses.

Gigaclear has been advised in its financings by Cameron Barney LLP.

About Gigaclear

Gigaclear is a private and institutional investor backed communications operator dedicated to building and operating ultrafast fibre to the premises broadband networks in rural communities. With pure fibre connectivity to every property in a community, delivering open, ultrafast broadband access, customers have complete control over the choice of services they wish to use. The company was founded in December 2010 by its chief executive, Matthew Hare. For further information about qualifying communities see www.gigaclear.com/can-i-get-it

About Woodford Investment Management

Woodford Investment Management is a fast-growing asset management company built on a founding philosophy of transparency and simplicity. Launched in May 2014, the company has more than £9.3bn assets under management and advice. Further information can be found at https://woodfordfunds.com