Avanti chairman and non-exec buy

Avanti Communications chairman John Brackenbury and non-executive director Alan Foster have upped their holding in the satellite operator.

Earlier today, Avanti announced it is to raise £31.5m through a placing as it revealed revenues and profits this year will be "significantly" ahead of expectations.

Brackenbury spent £22,500 purchasing 10,000 ordinary shares at a price of 225p each. He now holds 426,891 shares or 1.02 % of the company.

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Foster and related parties purchased 35,000 ordinary shares at the same price, spending a total of £78,750. He now holds 339,639 Avanti shares.

Avanti said this morning it will issue 14m shares to institutional shareholders at 225p. The cash will help fund the upgrade of the launch service provider for the launch of its HYLAS broadband satellite to Arianespace.

The group has also received a £10.7m grant to help with the upgrade costs from the European Space Agency.

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