Voneus secures further £18m from investors

Wed, 12/06/2024 - 10:17
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A further £18m has been invested into Voneus by its current backers Global Connectivity (GCON), through its involvement in Rural Broadband Solutions Holdings (RBSHL).

This signifies a leadership restructuring following Voneus’ merger with SWS Broadband in September 2023.

The latest update, on 15 May 2024, revelated that RBSHL’s stake in Voneus increased to 38% following April s capital injection. This latest investment increases RBSHL stake to 41%.

GCON’s statement reads: “GCON owns a 15% stake in RBS common equity. The most conservative method of valuation, particularly in the early period of a merged entity, is to use the cost of investment as the principal determinant.

“This is what we have adopted, which mirrors the practice of Tiger Infrastructure, partner in and majority shareholder of RBSHL. To date Tiger has invested £72 million in RBSHL.”