UK Government takes over 25% stake in SaxaVord spaceport
The UK Government now holds a stake of more than 25% in SaxaVord Spaceport in Shetland, following completion of a £60 million public-private investment agreement in late October.
A Companies House filing submitted on 6 November shows the Department for Science, Innovation and Technology (DSIT) became a person with significant control of Shetland Space Centre Limited on 27 October. The company owns and operates the spaceport. The filing says the department holds, directly or indirectly, more than 25% but not more than 50% of the shares.
Wild Ventures remains a major shareholder
A separate filing from the same day shows Wild Ventures, the investment company owned by Danish billionaire Anders Holch Povlsen, also holds more than 25% but no more than 50%. It first invested in SaxaVord in 2020 and had been the majority shareholder, with a holding of more than 50% but less than 75% by 31 December 2024.
How the funding came together
The government announced on 8 September that it would invest £30 million in SaxaVord as part of its updated national space strategy. SaxaVord later confirmed the agreement had been finalised, with Wild Ventures matching the £30 million.
According to the company, the money will pay for completion of infrastructure at the spaceport, including three launchpads, mission management facilities and a second integration hangar.
A Return of Allotment of Shares filed on 28 October shows around 264.7 million new ordinary shares were issued on 27 October, taking total issued share capital to about 438.4 million shares. They were issued in three allotments at £0.30, £0.24 and £0.21 per share, with a combined value of roughly £66.24 million.
The filings do not name the recipients of each allotment. It is therefore not yet possible to work out the government's exact percentage or to explain the gap between the value of the shares and the announced £60 million package.
Board changes
Deborah Strang, a founder and deputy chief executive, ceased to be a director on 27 October. In a 29 October report from The Shetland Times, SaxaVord said the move was part of governance changes reflecting the next phase of the company's development. Strang remains deputy chief executive.
Source: European Spaceflight · Image: Pixabay