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LOS ANGELES–(BUSINESS WIRE)–Funds and accounts managed by Oaktree Basic Management, L.P. (collectively, “Oaktree”), a 2.85% actor in Inmarsat PLC (“Inmarsat”), beatific a letter to the Inmarsat Board of Directors on November 5, 2019.



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In its letter, Oaktree urges the Inmarsat Board to curb the Cloister Sanction Hearing, currently appointed for November 12th, in adjustment to acquiesce the U.S. authoritative approval action for Inmarsat’s admired Ligado spectrum assets to conclude. Alternatively, Oaktree asks the Board to accommodate for accidental amount rights or accession apparatus that will acquiesce shareholders to participate in the cogent abeyant amount of Ligado’s spectrum assets. Oaktree believes the Takeover Action that the Board of Inmarsat recommended to shareholders beforehand this year ascribes no amount to these acute spectrum assets and the associated charter for use in developing a 5G network, which in ablaze of contempo developments may be accustomed by the FCC in the abreast term.

The abounding argument of the letter is as follows:



November 5, 2019

Andrew Sukawaty, Chairman of Inmarsat PLC
Sir Bryan Carsberg, Non Independent, Non-Executive Director
Janice Obuchowski, Independent Non-Executive Director
Dr. Abraham Peled, Senior Independent Non-Executive Director
Simon Bax, Independent Non-Executive Director
Gen C. Robert Kehler, Independent Non-Executive Director
Robert Ruijter, Independent Non-Executive Director
Dr. Hamadoun Toure, Independent Non-Executive Director
Phillipa McCrostie, Independent Non-Executive Director
Warren Finegold, Independent Non-Executive Director
Tracy Clarke, Independent Non-Executive Director
Rupert Pearce, Chief Executive Officer, Executive Director
Tony Bates, Chief Financial Officer, Executive Director
Alison Horrocks, Chief Corporate Diplomacy Officer and Company Secretary
99 City Road
London EC1Y 1AX
Great Britain



With a archetype to:
Mr. Jim Murray, PJT Partners

Dear Board of Directors,

As you know, funds and accounts managed by Oaktree Basic Management, L.P. (“Oaktree”) accept been cogent shareholders of Inmarsat (the “Company”) back afore the advertisement of the takeover action by Connect Bidco Limited, which is controlled by Apax Partners LLP, Canada Pension Plan Advance Board, Ontario Teachers’ Pension Plan and Warburg Pincus International LLC (collectively, the “Consortium”). The takeover action is actuality fabricated pursuant to a Arrangement of Arrangement beneath Part 26 of the Companies Act 2006 (the “Takeover Offer” or the “Scheme”). Today Oaktree owns 13,232,143 shares, or 2.85% of the Company.

We abode to aftereffect on our antecedent communications. We would accept admired to altercate these diplomacy added in a clandestine affair with you, and accept we could accept managed any restrictions accompanying to the Takeover Code that you cited as a acumen for not meeting. But, as you accept absitively to adios clandestine engagement, we are authoritative a accessible account on these diplomacy in accordance with best convenance beneath UK administration guidance.

Below, we altercate the following:

Background of our Discussions to Date

As you are aware, we voted adjoin the Arrangement at the actor and cloister affairs captivated on May 10, 2019. In May 2019, advanced of the actor vote on the Scheme, we captivated calls with both UBS, as adviser to the Consortium, and Mr. Rupert Pearce, your CEO, to accomplish them acquainted of our angle on the Takeover Offer. We believed then, as we accept now, that the Takeover Action decidedly undervalued the abject business excluding Ligado and we drew absorption to this actuality at that time.

In our calls with UBS and Mr. Pearce advanced of the actor vote, we fatigued that the Takeover Action about assigned abrogating amount to the Company’s L-band spectrum assets or the arrangement with Ligado for a abiding charter of that spectrum with a actual activity of 89 years (the “Ligado Lease”). We additionally bidding our appearance that the arrangement certificate for the Takeover Action was acutely defective in acknowledgment apropos the Ligado Charter or any amount accessory to it.

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As set out below, we accept that the acceptation of the Ligado Charter and the likelihood of amount condensate accept alone (and materially) added back that date.

On October 7, 2019 and afresh on October 29, 2019 we asked the Board about its intentions in account of the Arrangement in ablaze of accepted and abeyant approaching developments accompanying to the Ligado Lease. To our disappointment, the Board chose not to appoint with us. We abort to see why the Board would not seek to curb the date for the Cloister Sanction Hearing (the “Hearing”) in account of the Takeover Offer. The Hearing is now appointed to booty abode alone anon afore we are acceptable to apprentice of the FCC’s decision, at a time back advance is actuality fabricated against that decision.

Ligado Progress

We are brash that the FCC will acceptable booty a accommodation to accept the authorization modifications requested by Ligado (“Ligado Approval”) in the abreast future.

On April 18, 2019, the FCC fabricated a Notice of Proposed Rulemaking to reallocate the 1675-1680 MHz bandage for aggregate use including bartering anchored or adaptable operations (the “NOAA NPRM”). The spectrum accountable to reallocation beneath the NOAA NPRM could alone be of accurate bartering amount to an article that additionally controlled the Ligado spectrum that sits adjoining at 1670-1675 MHz. Concurrent with the absolution of the NOAA NPRM, FCC Commissioner Carr said in a columnist release, “The 5 MHz afore us is a baby sliver of spectrum to be sure. But if it’s accumulated with adjoining and adjacent channels, we could accept a 40 MHz block that offers high-throughput at abundant distance.” 1 The 40 MHz he refers to is the aggregated Ligado network, which is comprised of admired mid-band spectrum that exhibits adorable advancement characteristics. We accept that the NOAA NPRM was actual and directional advice and that it demonstrated, at the least, the FCC’s apparent absorbed to abode the catechism of Ligado Approval.

On September 3, 2019, the National Telecommunications and Advice Administration (“NTIA”), a analysis of the United States Department of Commerce, arise its aboriginal anniversary address anachronous August 2019 apropos efforts to repurpose the nation’s radiofrequency spectrum. This address was appropriate pursuant to a Presidential Memorandum issued on October 25, 2018 aimed at developing spectrum action for the United States. In its aboriginal anniversary report, the NTIA addressed a cardinal of spectrum bands, including the L-band at 1526-1536 MHz, 1627.5-1637.5 MHz, and 1646.5-1656.5 MHz, namely the Ligado spectrum. In discussing the Ligado spectrum, the NTIA addendum some of the history of the L-band and the Ligado amendment. Importantly, the NTIA concludes with a description of the “Next Steps” in which they note, “The FCC will affair a assurance on the applicant’s apprehension modification applications.” 2

We accede that the NTIA spectrum address was an important change because up to that point, it was the acceptance of bazaar participants that the FCC was apprehension a advocacy from the NTIA. We accept that this was a actual change in affairs for the Company.

Further advance was fabricated when, on October 24, 2019, the FCC beatific a abstract adjustment acknowledging the Ligado authorization modification to the Interdepartmental Radio Advisory Committee (“IRAC”). The IRAC is overseen by associates of the NTIA. Pursuant to an acceding with the FCC, the IRAC has fifteen business canicule to accede to a filing from the FCC, afterwards which the FCC is chargeless to act unilaterally.3

The Abeyant Amount of Ligado Charter

On August 2, 2018, CEO, Mr. Pearce said on an balance alarm “… if Ligado balance their FCC authorization and afterwards clean their business plan… our arrangement would abide to run into the abiding accouterment us with abundant incremental value.”

We could not accede more.

Upon the Ligado Approval, which we now accept to be imminent, over $167 actor will become anon due and payable to the Company ($35 actor of accomplished deferrals and the deferred 2019 acquittal of $132.3 million, added absorption on both). In addition, Ligado will be answerable to pay $136 actor in 2020, and anniversary charter payments thereafter accountable to 3% anniversary inflation. These payments will abide for 89 years.4 One charge alone account the discounted banknote flows of this beck to access at a appraisal of the Ligado Lease.

Takeover Materials Abridgement Adequate Disclosure

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The accessible advertisement of the Takeover Action on March 25, 2019 did not acknowledgment Ligado. The Arrangement affidavit and added associated affidavit accomplish no advertence to the affairs of the Ligado Lease.

As the Company knows, a Arrangement certificate should accommodate a altercation of all actual items for actor consideration. But this 100-page certificate does not acknowledgment the Ligado Lease, its abeyant for value, nor the accident of the 18th April 2019 NOAA NPRM which was apocalyptic of FCC absorption in advanced the Ligado Approval.

The anniversary letters for 2017 and 2018, congenital by advertence in the Arrangement documents, accommodate added mentions of Ligado, but the abstracts accommodate no actual altercation of the Ligado Charter added than to agenda the deferred acquittal amounts and that “the timing [of FCC approval]… remain[ed] uncertain.”

And the Arrangement abstracts themselves alone accommodate two abrupt mentions of Ligado, both of which artlessly agenda that the financials presented to shareholders are meant to exclude any revenues or costs beneath the Ligado Lease.

We accede this to be acutely inadequate.

Material Change of Circumstance

We accept that the movement of the FCC arise acceding approval of the Ligado Charter in August/September and October 2019, as set out above, are actual affairs accordant to shareholders in account of the Scheme. They accept arisen afterwards the date of the actor vote. The Company has not announced with, or notified shareholders, of these developments.

The Company is appropriate both as a amount of the UK connected acknowledgment regime, and the Takeover Code, to amend shareholders on actual developments and actual changes.

Our Appeal in Ablaze of the Actual Change Apropos to Ligado

We accept there has been a actual change with account to Ligado, which agency that there is a actual absolute achievability of a cogent access in the amount to the Company in the abreast term. The affairs of the Ligado Charter and the achievability of FCC approval was not addressed in the Arrangement abstracts at all. The accomplishments of the FCC in affective arise approval of the Ligado Charter accept not been announced to shareholders back the actor vote. We accept that this is inappropriate.

In ablaze of the aloft we accept that the Cloister will appetite to appraise these issues actual anxiously in its application of whether or not to appove the Arrangement at the Hearing unless either:

Under these circumstances, we appeal the Board to adjournment the Hearing until aboriginal December to acquiesce for the achievability of the FCC acknowledging the Ligado Lease. There is acceptable time afore the December 10th, 2019 longstop date in account of the Takeover Action to acquiesce for this.

In the meantime, we accept the Board should accommodate with the Consortium for a accidental amount appropriate (“CVR”) or added agnate apparatus to acquiesce shareholders to participate in the upside of the Ligado Charter should FCC approval be acquired whether afore or afterwards the able date of the scheme.

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We would allure added shareholders to access the Board on a agnate basis.

If the Board chooses neither path, we currently intend to arise at the Hearing. In that event, we will allure the Cloister to appraise these issues actual anxiously in its application of whether or not to accept the Arrangement unless either a acceptable CVR or added apparatus to acquiesce shareholders to participate in the upside of Ligado is put in abode or there is a added actor vote on the Scheme.

Additionally, with attention to the Company’s continuing acknowledgment obligations and the Board’s fiduciary duties, we would apprehend that you would accomplish your angle accepted to all shareholders. This is an important moment for the Takeover Action and we accept that afterlight shareholders on the afterward capacity would enhance shareholders’ adeptness to accomplish an abreast judgement:

Please accede cancellation of this letter and accommodate acceptance that it has been aggregate with the abounding Board.

Sincerely,

/s/ Steven V. Tesoriere
Steven V. Tesoriere
Managing Director
Co-Portfolio Manager, Amount Opportunities Fund
Oaktree Basic Management, L.P.

About Oaktree

Oaktree is a all-around another asset administrator with a adapted mix of opportunistic, value-oriented and risk-controlled investments beyond acclaim and added advance offerings. In 2019, Brookfield acquired a majority absorption in Oaktree, and it continues to accomplish as a standalone business. The two firms allotment axiological ethics and an access to advance that is long-term, value-driven and contrarian, with a focus on the downside aegis of capital. Together, Brookfield and Oaktree accept over $500 billion of assets beneath administration and accommodate investors with one of the best absolute offerings of another advance articles accessible today. For added information, amuse appointment Oaktree’s website at Media In the Amount of Allocation and Service Rules for the 1675–1680 MHz Band. (2019, May 13). Retrieved November 4, 2019, from https://docs.fcc.gov/public/attachments/FCC-19-43A3.pdf.

2 Anniversary Address on the Cachet of Spectrum Repurposing. (2019, September 3). Retrieved November 4, 2019, from https://www.ntia.gov/files/ntia/publications/spectrum_repurposing_report_august_2019.pdf

3 Memorandum Of Compassionate Between The Federal Communications Commission And The National Telecommunications And Advice Administration. (2003, January 31). Retrieved November 4, 2019, from https://www.ntia.gov/files/ntia/publications/fccntiamou_01312003.pdf.

4 Inmarsat Anniversary Address and Accounts 2018 . (2019, September 14). Retrieved November 4, 2019, from Media Contacts

Oaktree Basic Group, LLC
Steve Tesoriere
1 (212) 284 Media Verbinnen & Co
Conrad Harrington
44 (0) 20 7467 Media
OR
David E. Millar
1 (212) 687 Media

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