Avanti Communications Group PLC (LON:AVN) shares advanced in Tuesday’s deals as the satellite firm confirmed it had received the full US$20.07mln outstanding payment from its arbitration against the Government of Indonesia.
The dispute centred on a satellite lease deal back in 2016 which had been only partially paid by the Indonesian authorities, and, in June, the London Court of International Arbitration awarded just over US$20mln in Avanti’s favour.
READ: Avanti Communications shares rise on US$10mln contract with Viasat
"We thank the Government of Indonesia for its payment of the outstanding sum due to Avanti Communications Group, following our earlier support of Indonesian satellite communications plans which utilised our now decommissioned Artemis satellite,” said Kyle Whitehill, Avanti chief executive.
“With this issue resolved and HYLAS 4 about to come on-stream, Avanti goes forward."
In London, Avanti shares rose 0.35p or 6.52% to trade at 5.92p.