CityFibre announces successful fundraising of £30m to finance acceleration of Gigabit City Vision

CityFibre is pleased to announce it has raised £30.0 million, by way of an oversubscribed placing supported by strong demand from both existing and new institutional investors. The fundraising will assist CityFibre in accelerating the delivery of it’s Gigabit City Vision, bringing the benefits of transformational pure fibre infrastructure to towns and cities throughout the UK. CityFibre will use the proceeds in the progression of its pipeline of city opportunities with two having already progressed to contract negotiation stage since IPO and with active discussions with 25 other city councils to acquire or build Gigabit city networks. In addition, the fundraising will assist the expansion of existing network assets and the delivery of an accelerated pipeline of new projects including the opportunity to deliver Fibre to the Home with BSkyB and TalkTalk in York and two further cities. Greg Mesch, CEO of CityFibre said: "We are delighted with the strong response from both new and existing institutional shareholders to the Placing so soon after our successful listing on AIM. The fundraising will further strengthen our balance sheet and help CityFibre deliver ultrafast pure fibre networks across the UK and accelerate many of the near term opportunities we are currently pursuing. "Since admission to AIM, we have already started to capitalise on a number significant projects. Our recently announced joint venture with BSkyB and TalkTalk illustrates the ground breaking nature of our operating model. In addition, the ongoing discussions with over 25 city councils across the UK and with leading mobile operators underpin our ongoing confidence in the Group. "We look forward to updating both the market and our shareholders on our progress over the coming months." Read the full RNS release here