GO plc - Increase in Shareholding in Cablenet

On 25 November 2019, GO plc announced that it entered into an agreement with Cablenet Communications Systems Ltd (which is GO’s 51% subsidiary in Cyprus) following which GO will increase the amount of an intra-group loan to Cablenet to €7 million (from the previous amount of €3 million), and that such loan is repayable by 25 November 2024.

Moreover, GO and Cablenet have also agreed that previous loan balances provided by GO to Cablenet amounting to €16.7 million (including interests) will now be capitalised. As a result, GO’s shareholding in Cablenet will increase to 60.26%. However, pursuant to an ‘Option Agreement’ entered into between GO and Mr Nicolas Shiacolas (who is the other shareholder of Cablenet), Mr Shiacolas has been given the option to subscribe for additional shares in Cablenet. Subject to a number of conditions, the ‘Option Agreement’ is effective up to 31 March 2020 and only allows Mr Shiacolas to subscribe for additional shares in Cablenet up to a maximum of 49% of the issued share capital in Cablenet.