London-based satellite operator is up for sale. A statement from the troubled company said it was conducting a wider “strategic review” to explore a number of options including a corporate transaction such as a merger with, or offer for the company by a third party of a sale of the business.

Shares in Avanti rose by 17 per cent to 29p during the day.

Avanti, under the rules of the stock exchange, is now considered to be in a “formal sale process”.

One source suggested that Avanti had received “intense interest by potential acquirers” to its assets.

However, its Board also says that it will, in parallel, be looking at raising fresh equity as initially announced July 7th.

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