Bigblu Broadband Limited

23 January 2026

 

Bigblu Broadband Limited

 

("Bigblu" or "BBB" or the "Company")

 

SKM update and Shareholder support

Bigblu is focused on supporting its retained shareholdings in SKM Telecommunication ("SKM" or the "Buyer"), the owner of Skymesh, and Quickline ("QCL"), to realise value for Bigblu shareholders.

Bigblu

On 23 December 2024 Bigblu completed the disposal of its controlling interest in Skymesh. Pursuant to the terms of the sale agreement, Bigblu was entitled to a maximum additional cash consideration on the first anniversary of the disposal on the following basis:

i.      13.7% of the Headline Price (c.AUD$6.9m (c.£3.5m)); plus

ii.     a cash amount equal to Skymesh's net profit after tax, before depreciation and amortisation and unrealised foreign exchange movements, but including management fees and exceptional items, for the month of November 2024; plus

iii.    an amount equal to the excess of the Completion Payment above the Completion Payment Cap if applicable; less

iv.   the balance of the Skymesh customer debt not collected during the period of six months from 1 February 2025 which is greater than 120 days overdue relating to the implementation of the Pathfinder system which resulted in approximately $2.8m (the "Pathfinder Implementation Debt") not being invoiced or slow to be invoiced and the subsequent delayed collection of such due payments from customers; less

v.    the costs incurred by SKM in undertaking a recovery program of the Pathfinder Implementation Debt under the direction of the Company.

Bigblu issued an RNS on 19 November 2025 which highlighted that the Company was in discussions with the Buyer having regard to the performance of SkyMesh post its disposal by the Company in December 2024. The RNS flagged that whilst these discussions were ongoing the outcome of the negotiations with SKM could impact not only if the company would be entitled to any Additional Consideration but could also impose a financial obligation on the Company to SKM. The Board undertook to keep Shareholders updated on developments.

This note seeks to provide an update on one component of these discussions, namely the Additional Consideration that formed part of the terms of the SkyMesh disposal to SKM Telecommunication ("SKM") in December 2024, as well as recognise the investment from existing shareholders to support Bigblu's position.

Additional Consideration

We have worked with the Buyer during the period in seeking a resolution of all issues including those linked to the Additional Consideration. As of yet, these have not progressed to a satisfactory conclusion for both parties, and the Buyer did not pay the additional amount of up to $6.9m by the due date of 24 of December 2025, nor has it provided Bigblu with adequate reasons for such a delay. Bigblu is therefore in dispute with the buyer over the items noted above and payment thereof.

Consequently, we are left with no alternative but to follow the dispute resolution process as set out in the Share Purchase Deed ("SPD") to ensure payment of the Additional Consideration and are pursuing matters in relation to such amounts as per the SPD.

Shareholder Support

Shareholders have been very supportive and provided Bigblu with significant funds to defend the Company's position and to pursue such matters outlined in the above paragraphs through the appropriate channels as set out in the SPD.

 

For further information, please contact:

 

Bigblu Broadband Limited

Frank Waters CEO

Frank.waters@bbb-plc.com

JP Jenkins Ltd (Matched Bargain Facility)

+44 (0) 207 469 0937

Veronika Oswald / Mason Doick

info@jpjenkins.com

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