DBD – Completion of sale of National Licence

Shore Capital Group Limited

(“Shore Capital” or the “Group”)

Completion of sale of National Licence

Shore Capital, the independent investment group specialising in equity capital markets, principal finance and alternative asset management, is pleased to announce that the sale of DBD’s interest in national radio spectrum licences, together with six regional radio spectrum licences, to Deutsche Telekom AG for €15.45 million, has now completed.

Shore Capital holds a 59.26% interest in Spectrum Investments Limited, the parent company of DBD.

– Ends –



Shore Capital  +44 (0) 20 7468 7911
Howard Shore, Executive Chairman  +44 (0) 14 8172 8902
Lynn Bruce, Director  
Grant Thornton UK LLP (Nominated Adviser)  +44 (0) 20 7383 5100
Philip Secrett  
Melanie Frean  
Jamie Barklem  
RBC Capital Markets (Broker)  +44 (0) 20 7653 4000
Josh Critchley  
Oliver Hearsey  
Bell Pottinger (Public Relations) +44 (0) 20 3772 2500
Olly Scott  
Zoe Pocock  


About Spectrum and DBD
Following the completion of the Transaction, DBD continues to own 32 regional radio spectrum licences cover areas with approximately 16.5 million inhabitants including many of Germany’s largest metropolitan centres: Berlin, Leipzig, Dresden, Düsseldorf and Hanover. They convey the right to utilise the assigned 28 MHz of frequencies in the 3.5 GHz range in perpetuity. The regional radio spectrum licences therefore enable potential owners to make long term investment decisions when faced with the challenge of delivering greater levels of data capacity to subscribers as 4G services are deployed in Germany for smart phones, tablet devices and mobile computing.

The remaining licences are now being carried on Spectrum’s balance sheet at an overall value of €2.5 million, equivalent to approximately €0.005/MHz/pop, (a measure often used in the industry) which the Company believes to be a conservative valuation.


About Shore Capital
Shore Capital is an AIM quoted independent investment group. Founded and owned by entrepreneurs, for three decades Shore Capital has been helping entrepreneurial businesses reach their full potential, find committed long term investors and develop into significant enterprises. The business offers innovative corporate advice; a leading market-making business; some of the most respected investment research available in the UK; and a diverse range of high quality investment opportunities, including its hugely successful VCTs and principal finance activities. It is a business founded on four simple values – integrity, drive, competence and trust.

The Group is based in Guernsey, London, Liverpool, Edinburgh and Berlin. Shore Capital Stockbrokers Limited, Shore Capital and Corporate Limited, Shore Capital Limited and Puma Investment Management Limited are each authorised and regulated by the Financial Conduct Authority.  Shore Capital Stockbrokers Limited is a member of the London Stock Exchange.