GO plc - Acquires Shareholding in Cablenet

On 28 March, GO plc announced that it entered into a Share Purchase Agreement (subject to regulatory approval) with Cablenet Communications Systems Limited and Mr Nicolas Shiacolas (being the owner of the entire issued share capital of Cablenet) to acquire 25% of the issued share capital of Cablenet in exchange for a convertible loan of €12 million. The loan will bear no interest until 31 December 2017 and GO has the option to convert it into equity so that upon such conversion the total number of shares held by GO will be equal to 45% of the issued share capital of Cablenet. Go also has an option to acquire majority control in the future.

Cablenet is an established telecommunications company in Cyprus offering triple-play packages which include broadband internet access, fixed telephony and digital HD and 3D TV to more than 43,000 subscribers.