Update regarding Radio Spectrum Licences


DBD holds, through a subsidiary, 32 regional radio spectrum licences in Germany of indefinite duration (the “Licences”). Shore Capital holds a 59.94% interest in Spectrum Investments Limited, the parent company of DBD.

DBD has been given consent by the German Telecoms Regulator (“BNetzA”) to test the LTE TDD technology which will support its business plan for the future use of the Licences, premised upon a small radio cells network concept. An initial pilot scheme has been commenced in Berlin and DBD plans to roll out additional pilots in other areas covered by the Licences.

For the initial Berlin trial, at the request of BNetzA, DBD is using a temporary test licence granted to it by BNetzA. However, DBD believes that, as a result of Article 9a of the EU Framework Directive (2002/21/EC, as amended), implemented in Germany by Sec. 150 para 8 of the German Telecommunications Act, it should be permitted to use its existing Licences to conduct the pilot schemes and to support the roll out of its services in the future. BNetzA has yet to confirm its agreement.     

In correspondence with DBD, BNetzA has noted that its ongoing consideration of the status and use of the Licences should be taken in the context of its ongoing review of spectrum frequency planning for the years after 2021/2022 and in particular its frequency concept for the 3.5GHz band, into which the Licences fall.


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Shore Capital

Howard Shore, Executive Chairman

Lynn Bruce, Director 


+44 (0) 20 7468 7911

+44 (0) 14 8172 8902


Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett

Jamie Barklem

Carolyn Sansom


+44 (0) 20 7383 5100

Bell Pottinger (Public Relations)

Olly Scott

Charlie Stewart

+44 (0) 20 3772 2500

About Shore Capital

Shore Capital is an AIM quoted independent investment group.Founded and majority 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.

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.