21st October 2020
Specialist lawyers from the Walker Morris Equity Capital Markets Team have advised Rural Broadband Solutions Plc (formerly SAPO Plc) (AQSE: RBBS) on its acquisition of Secure Web Services Limited (SWS), Placing and Subscription to raise £2.5million and the admission of RBBS’s enlarged share capital to trading on the AQSE Growth Market.
Based in Shrewsbury, SWS provides broadband services to the rural market in areas where the quality of broadband has traditionally been poor.
Commenting on the transaction, the Walker Morris team, said
“The acquisition of Secure Web Services and re-admission of Rural Broadband Solutions to the AQSE Growth Market will provide a strong platform for growth. The rural broadband market offers strong growth and expansion opportunities, and the combination of Secure Web Services’ existing client base and infrastructure with Rural Broadband Solutions’ resources and expertise positions the enlarged group to capitalise on those opportunities.”
Keith Harris, Executive Chairman of Rural Broadband Solutions, commented:
“We are delighted to be concluding this acquisition and fundraising, which will give investors an opportunity to benefit from exposure to the underserved rural broadband market. We will drive growth in Secure Web Services Limited’s already loyal customer base, through planned network upgrades eligible for Government funding and through selective appropriate acquisitions.
“Developing this sector is a crucial element to the future growth of the UK economy, with so many people relying on a good broadband connection in all areas of the country. We thank existing and new shareholders for their support and look forward to updating the market with further progress in due course.”