Avanti sees share price rocket
December 14, 2011
By Chris Forrester
UK-based Ka-band satellite operator Avanti Communications won a 3-year contract from capacity re-seller Bentley Walker worth at least $1.1 million. The capacity will be used to serve Bentley Walker clients in Iraq. The news comes 24-hours after another contract win for Avanti in the shape of bandwidth for AfriGlobal, worth $4.65 million spread over 5 years.
The deal helped drive Avanti’s share price further forward, up 2.8 per cent on the day to 292.25p. There was further improvement on the morning of December 14th when the shares rose 17.75p to 302p. However, good as this movement is the current price is still well down on Avanti’s 12-month high of 712p.
The Bentley Walker contract covers capacity on Avanti’s second craft, Hylas-2, which will launch in Q2/2012.