Avanti's satellite push

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Avanti sells broadband services to telecoms companies across Europe allowing them to deliver broadband to inaccessible areas like rural Scotland.

At the moment it rents space on other people's satellites but its first satellite, Hylas 1 is due to be launched in the second quarter of next year.

Hylas 2 will not only duplicate the first satellite's coverage of Europe, ensuring greater reliability of service, but also extend Avanti's footprint in eastern Europe, the Middle East and parts of eastern and southern Africa.

Avanti reckons it has a potential market of some 100 million homes and businesses who cannot receive conventional fixed-line broadband.

The placing with new and existing institutional shareholders was carried out by Cenkos Securities at 400p a share, a 7% discount to Friday's closing price of 431½p.