SCGL update on holding in Spectrum Investments
Shore Capital Group Limited ("Shore Capital" or the "Company") Update on the Company's holding in Spectrum Investments.
Shore Capital holds a 59.94% interest in Spectrum Investments Limited, the parent company of DBD. DBD, through a subsidiary, holds 32 regional radio spectrum licences in Germany of indefinite duration (the "Licences").
As previously reported, in past correspondence with DBD, the German Telecoms Regulator ("BNetzA") had stated that the ongoing consideration of the status and use of the Licences should be taken in the context of its ongoing review of spectrum frequency planning for the years after 2021/2022 and in particular its frequency concept for the 3.5GHz band, into which the Licences fall.
BNetzA has now written to DBD with its decision to withdraw the Licences from the 3.5GHz frequency band with effect from 31 December 2018 and to offer to DBD to reallocate the Licences to the 3.7-3.8 GHz frequency band at no cost and on a "flexibilised" basis, meaning without historic technical restrictions limiting the usage of the Licences. DBD intends to challenge the withdrawal decision which the Group will update on in due course.
Lynn Bruce +44 (0) 14 8172 4222
Grant Thornton UK LLP (Nominated Adviser) +44 (0) 20 7383 5100
Montfort Communications (Public Relations)
Olly Scott +44 (0) 78 1234 5205
About Shore Capital
Shore Capital is an AIM quoted independent investment group. Founded and majority owned by entrepreneurs, for three decades Shore Capital has been helping entrepreneurial businesses reach their full potential, find committed long-term investors and develop into significant enterprises. The business offers innovative corporate advice; a leading market making business; some of the most respected investment research available in the UK; and a diverse range of high-quality investment opportunities, including its hugely successful VCTs and principal finance activities.
The Group is based in Guernsey, London, Liverpool, Edinburgh and Berlin. Shore Capital Stockbrokers Limited, Shore Capital and Corporate Limited, Shore Capital Limited and Puma Investment Management Limited are each authorised and regulated by the Financial Conduct Authority. Shore Capital Stockbrokers Limited is a member of the London Stock Exchange.