GO plc - Decision re Forthnet Rights Issue

On 3 January, GO plc announced that its Board of Directors unanimously resolved to instruct Forgendo Limited to participate in the share capital increase of Forthnet S.A. by directly exercising in full its pre-emption right as an existing shareholder of Forthnet and also exercising its oversubscription right to the extent required in order to ensure that Forgendo retains control of Forthnet.

The Directors of GO further unanimously resolved that it provides Forgendo with 50% of the funding required by Forgendo for this transaction with the balance to be  provided by Emirates International Telecommunications Malta Limited (EITML) as the other shareholder in Forgendo. GO will provide funding to Forgendo through an interest-free loan which will be convertible into shares of Forgendo within the period of six months from the date when the new Forthnet shares begin to trade. If for any reason, GO elects not to convert its loan into equity within this period, EITML shall be obliged to repay the outstanding amount due to GO.