Global InterConnection Group Limited has agreed an extension to subscription by the Offeror, announced on the 19th July 2025 for £21.5 million; and the corresponding Right of First Refusal (“ROFR”) period in respect to the Company’s ongoing restructuring with the SpinOut completion, following a request by the Offeror.
The request follows the serious illness of the Company’s Chairman, and lead for the Offeror, who was hospitalised with Legionnaires’ disease. GIG has received a first tranche of the subscription as an indication of the Offeror’s continued commitment, £393,000 (a related party transaction), to support operations through August, September and October to allow time for the SpinOut to proceed.
The ROFR will now extend through to 30th October 2025, aligning with the revised expected completion of the SpinOut. The Board continues to work with its advisers, stakeholders and partners to conclude the transaction as quickly as possible to materially strengthen the Company’s capital structure.
The Company acknowledges the patience and support of its stakeholders during this period and will provide further updates as appropriate.
The Board continue to welcome offers to actively seek further investment through this period.