Following the acquisition of Inmarsat plc in December 2019 a new capital structure was implemented. The Senior Notes due 2022 were repurchased and the Company has undertaken no further trading activity. The Board considers it in the best interests of all its stakeholder groups to re-register as a private company and its principal activity be re-classified as dormant. It is the intention of the Board to close down the company in the future as it is now surplus to requirements.

As part of the acquisition, the Board considered its key relationship to be with its bondholders. The bondholders relate to the Senior Notes due 2022 debt which was listed on the Luxembourg Stock Exchange, this is detailed in Note 9. The Board had a clear responsibility to engage with Bondholders and provide quarterly updates on the performance of the business. The Board reviewed the nature of the covenants and conditions to the redemption of all outstanding Notes and the satisfaction and discharge of the Indenture. The Board were satisfied that the Company’s obligations under the Indenture in respect of the Notes had been satisfied and the trustee was instructed to proceed accordingly with the redemption of the principal amount of the Notes.