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Daily Mail
a day ago
- Entertainment
- Daily Mail
Gregg Wallace 'rushed to hospital and treated for a suspected heart attack after stress of misconduct probe as the sacked BBC presenter faces 50 new claims'
Gregg Wallace was reportedly treated for a suspected heart attack just days before being sacked by the BBC following a misconduct probe. The Mastercherf presenter, 60, hit out at bosses in a scathing post as he insisted he was still being fired despite being cleared of 'the most serious and sensational accusations'. According to The Sun, Gregg has now told a pal that on Sunday he was rushed to hospital in Ashford, with a suspected heart attack after two days of chest pains. It comes as the BBC received 50 new claims over the TV presenter, including allegations he pulled his trousers down in front of one worker on the show and groped another. Sources are also claiming that Gregg is considering taking the BBC, or Masterchef's production company Banijay to a tribunal, and is ready to declare 'war' on bosses over his sacking. Of his health scare, Gregg told a pal: 'The stress of this betrayal brought on my suspected heart attack. It's been hell.' Gregg has also reportedly taken on the 'rottweiler' lawyer Dan Morrison, who represented Nigel Farage in the NatWest/Coutts bank account closure scandal. It's thought that Gregg's lawyers could push for the release of the report's executive summary, which might jeopardise senior MasterChef executives and talent. A source added: 'Gregg has been struggling with his mental health and was rushed to hospital over the weekend. Doctors have blamed stress, and he came out only to find out almost immediately he will lose his livelihood. 'This is war. Gregg is raging and, frankly, has nothing left to lose. He feels he has been hung out to dry. He was employed to play the fun, unfiltered cheeky chappy greengrocer and he played that role as he always pledged to do. 'He feels there's been a cover-up and other people's bad behaviour ignored. Gregg will not go quietly — it is an absolute nightmare for the BBC.' MailOnline has contacted representatives for Gregg Wallace and BBC for comment. It's thought that during the misconduct probe, in two categories — 'demeaning' nicknames for staff and Wallace being 'direct' with contestants — investigators said Gregg's actions were unintentional. Gregg's autism diagnosis was also reportedly used to explain some behaviour, and some allegations in the probe have been upheld. Writing on Instagram, Gregg said he had taken the decision to go public before the Silkins report was published as 'he cannot sit in silence while my reputation is further damaged' These include the star opening his dressing room door with a sock over his manhood, before shouting: 'Hooray.' Due to the BBC's cost-cutting measures, it's been deemed unlikely that Gregg will receive any or redundancy package, but he could land a six-figure payout from a tribunal in his favour. On Tuesday, Gregg released a statement ahead of the investigation into his misconduct allegations being published later this week. Wallace denies the claims and has condemned the corporation in a scathing social media post saying he had been cleared of 'the most serious and sensational accusations'. But fresh claims come from people who say they encountered him across a range of shows with the majority alleging he made inappropriate sexual comments towards them, according to BBC News. Out of the 50 allegations, 11 women have accused him of inappropriate sexual behaviour, such as groping and touching. One woman described Wallace's behaviour 'disgusting and predatory' saying he pulled his trousers down in front of her in a dressing room. While another said she was left feeling 'absolutely horrified' when he groped her. One participant on the BBC's Saturday Kitchen claims during filming in 2002, Wallace put his hand under the table and onto her groin, before asking her: 'Do you like that?' Another claim come from a university student who said when she met him at a nightclub, he put his hand under her skirt and pinched her bottom when taking a photo with him. One woman says that at an industry ball in 2014 he groped her under her dress, while a junior worker says in 2012 he dropped his trousers without wearing underwear in front of her. Several men claim they witnessed Wallace making inappropriate sexual comments. Among the recent claims, a 19-year-old MasterChef worker said in 2022 she tried to raise concerns to the BBC about Wallace's comments about her body. A former policeman said that in 2023 he also tried to complain about Wallace's sexually inappropriate language. The BBC reports that most of the women who have come forward are young freelancers who felt they were unable to complain without negative career repercussions. Writing on Instagram, Wallace said he had taken the decision to go public before the Silkins report was published as 'I cannot sit in silence while my reputation is further damaged to protect others'. The former greengrocer had stepped down from MasterChef while complaints from 13 women about historical allegations of misconduct were investigated. Wallace, who has worked for the BBC for 21 years, said 'the most damaging claims (including allegations from public figures which have not been upheld) were found to be baseless'. He said he had recognised 'that some of my humour and language, at times, was inappropriate'. 'I was hired by the BBC and MasterChef as the cheeky greengrocer. A real person with warmth, character, rough edges and all,' Wallace said. 'For over two decades, that authenticity was part of the brand. Now, in a sanitised world, that same personality is seen as a problem.' A source reportedly said Wallace had been cleared of the most high profile allegations that had been brought by Penny Lancaster and Kirsty Wark. 'But the BBC has made it clear there is no way back for him. He is devastated,' they said. The former greengrocer, who was recently diagnosed with autism, accused the BBC of doing nothing to 'investigate my disability or protect me from what I now realise was a dangerous environment for over twenty years'. And he vowed 'I will not go quietly' as he said the full 200 page report will not be published with the BBC instead going to release an executive summary. 'What really concerns me about the short summary is others who have been found guilty of serious allegations have been erased from the published version of events. I, and I'm sure the public, would like to know why?,' he said. A source told The Sun that Wallace was 'both furious and devastated' by the BBC's decision to axe him. The report is to be officially published on Thursday, but Wallace's legal team have claimed to have seen the report. A BBC spokesperson told MailOnline: 'Banijay UK instructed the law firm Lewis Silkin to run an investigation into allegations against Gregg Wallace. 'We are not going to comment until the investigation is complete and the findings are published.' In response to the latest allegations, a spokesperson for Wallace told the BBC: 'Gregg continues to co-operate fully with the ongoing Banijay UK review and as previously stated, denies engaging in behaviour of a sexually harassing nature.' Wallace was initially bullish in the face of the allegations, taking to Instagram to say they mostly came from 'middle class women of a certain age'. He went on to ask: 'Can you imagine how many women on MasterChef have made sexual remarks or sexual innuendo?' Since then, several high-profile names - including TV presenter Ulrika Jonsson as well as Prime Minister Sir Keir Starmer - had condemned his remarks in public statements. The former greengrocer later apologised for the controversial comments which caused a PR storm. The under-fire presenter said of his middle class women slur: 'I wasn't in a good headspace when I posted it. I've been under a huge amount of stress, a lot of emotion.' He told the Mail in April had he how he stopped socialising with young people after first being disciplined by the BBC in 2018, because he was 'scared they would complain about him.' He was disciplined for inappropriate behaviour while working on a quiz show when he told a young runner on the final day of filming that he'd 'really enjoyed working with her, she was brilliantly clever, strikingly attractive and was going to do well'. Talking about the aftermath in a new interview, he explained: 'My behaviours completely and utterly changed from 2018 and that's why there are no complaints in this big investigation after 2018. It changed me completely and I never got into trouble again. 'But the way I did it was to become a social recluse. I refused to do anything social at work, wouldn't go to the pub with anyone, to the point where when we went out on location everybody else would go out for dinner and I would stay in my hotel room. 'I wouldn't socialise. I stopped any social conversations with younger people that I didn't know very well.' Wallace recalled: 'There's some really good young people at work and they'd say 'Gregg we're all going for a drink are you gonna come?' 'And I'd say no I won't come. You guys make me nervous. The sensibilities of a sixty year old man are different to 25-year-olds and you live in a complaint culture that never existed.
Business Wire
23-05-2025
- Business
- Business Wire
LICT Corporation Reports 2025 First Quarter Results
RYE, N.Y.--(BUSINESS WIRE)-- LICT Corporation ('LICT' or the 'Company'; OTC Pink ®: LICT) reports financial results for the quarter ended March 31, 2025. Total revenues for the first quarter of 2025 increased by $1.1 million, or 3.3%, to $34.6 million, compared to $33.5 million in the same quarter of 2024. Non-regulated revenues for the first quarter of 2025 increased by $900,000, or 4.9%, to $19.4 million, compared to $18.5 million in the prior year's first quarter, driven by higher sales of broadband services and high-speed data circuits. Regulated revenues were $15.2 million in the first quarter of 2025, representing an increase of $200,000, or 1.3%, compared to $15.0 million. Regulated revenues were bolstered by initial inclusion of $800,000 from Manti Telephone Company (MTC). This acquisition, which closed on January 1, 2025, underscores our continued strategic expansion in rural markets. The quarter was crimped by a decline in voice and interstate access revenues due to a drop in special access circuits which have been replaced with lower-cost broadband services. Total EBITDA for the first quarter of 2025 was $13.8 million, compared to $14.7 million in the first quarter of 2024, reflecting a decrease of $900,000, or 6.1%. This decline was primarily driven by increased operating costs, including higher expenses for expanded staffing and professional services related to our operational expansion, as well as elevated repair and maintenance activity in the Company's New Mexico and Utah operations. Effective February 1, 2025, under Dan Morrison, former President of our California-Oregon operations assumed responsibility for our New Mexico operations. The leadership team is actively collaborating with existing staff to advance the build-out initiatives under both the Enhanced Alternative Connect America Model (E-ACAM) program and the ReConnect grant program. In parallel, the team remains focused on executing operational enhancements and disciplined cost management strategies aimed at improving efficiency and supporting sustainable revenue and margin growth. Non-regulated EBITDA for the first quarter of 2025 was $7.3 million, unchanged from the same period in 2024. Regulated EBITDA for the first quarter of 2025 was $6.5 million, compared to $7.4 million in the same period of 2024, reflecting a decrease of $900,000, or 12.2%. The decline was primarily driven by losses of wireline customers who are choosing to drop their voice service but are subscribing to high-speed data service, reduced revenues due to a mandatory 5% reduction in switched regulatory revenues and higher operating expenses as detailed above. OTHER INCOME/(EXPENSES) – Total other income increased by $700,000 in the first quarter of 2025, compared to a loss of $700,000 in the first quarter of 2024. This improvement was primarily driven by a $1.0 million favorable change in unrealized gains on our 19% investment in MachTen, Inc. EARNINGS PER SHARE – Earnings per share from continuing operations for the first quarter of 2025 were $256 per share compared to $294 per share in last year's first quarter. Share Repurchase - Program - During the first quarter of 2025, the Company repurchased 166 shares for a total of $2.6 million, at an average price of $14,391 per share. This reflects the Company's continued commitment to disciplined capital allocation and enhancing long-term shareholder value. As of March 31, 2025, LICT had 16,007 shares outstanding. FCC Programs and Other Capital Expenditures I. ENHANCED ALTERNATIVE CONNECT AMERICA COST MODEL (E-ACAM) PROGRAM LICT's voluntary election of the FCC's Enhanced Alternative Connect America Cost Model ('E-ACAM') became effective January 1, 2024. LICT's mandatory build- out requirements of 100/20 Mbps by December 31, 2028 to 19,609 E-ACAM locations is required for receipt of increased E-ACAM support through 2038. The E-ACAM program is designed to further increase speed and expand the deployment of broadband capabilities throughout the nation's rural areas. Under E-ACAM, in the new program LICT entities receive a total of $37.2 million annually through 2038 (subject to a one-time true-up to be determined by the FCC by 12/31/2025). The gross Capital Expenditures to meet the build-out requirements for E-ACAM total $170 million which is required and expected to be completed by December 31, 2028. II. RECONNECT III and RECONNECT IV - As previously announced, LICT has been awarded $157.5 million for seven United States Department of Agriculture (USDA) ReConnect III and ReConnect IV grants awarded in Kansas, California and New Mexico with a total project cost of $171.2 million, of which, our share of cost will be approximately $13.7 million. These grants require us to provide 1 Gig of fiber broadband speed. The Kansas grant and Deming New Mexico ReConnect grant projects have fiber construction underway with two additional grants in New Mexico ready to commence construction after having received environmental clearance. LICT has been actively working to receive environmental clearance for the remaining ReConnect grant awards before construction can commence. III. AFFORDABLE CONNECTIVITY PROGRAM (ACP) Under the FCC ACP program (which was terminated in May of 2024) eligible customers received broadband credit of up to $30 per month (up to $75 for households on Tribal Lands) towards their qualifying internet plan. During 2024, our approximately 1,550 eligible customers received just over $350,000 in credits. LICT has informed its ACP customers that the company will continue an equivalent Extended Broadband Discount (EBD) through June 30, 2025, at LICT's cost. The Company is currently evaluating options to further extend the EBD beyond this date. Strategic Initiatives Acquisitions: On January 1, 2025, following receipt of all required regulatory approvals, the Company completed the acquisition of Manti Telephone Company (MTC), the regulated business segment of the broader Manti transaction. This acquisition was financed with $8.3 million of seller debt and $12,000 cash and aligns with the Company's strategic focus on expanding its presence in rural markets and enhancing its broadband service capabilities. We are pleased to welcome the MTC team to the Company and look forward to working together to deliver high-quality service to customers and drive long-term value for our stakeholders. Projects: In March 2025, our wholly owned subsidiary, Central Scott telephone, completed its $15 million broadband infrastructure expansion project in Scott County, Iowa, as part of the Iowa Notice of Funding Availability (NOFA) 6 grant program. Following the successful deployment of Fiber to approximately 1,900 locations in our Central Scott exchange, the Company received the expected $7.2 million in grant funding from the State of Iowa on March 31, 2025. Fixed Wireless/5G — Sound Broadband LLC, the wireless subsidiary of LICT Corporation, completed 5G deployments in its existing markets and expanded into new regions, including New Mexico, California, Kansas, and Utah. The company is currently identifying sites in California, Iowa and Kansas for new expansion markets, while also working to reduce costs across its current deployments to deliver the highest speeds at the best possible cost to customers. Sound Broadband remains committed to bridging the digital divide and delivering next-generation connectivity across diverse sectors and underserved regions. Annual Meeting Date The LICT annual meeting of Stockholders will be held at 10:30 am on June 6, 2025. The meeting will be held at 401 Theodore Fremd Avenue, Rye, NY 10580. LICT owns and operates 7,077 miles of fiber optic cable, 8,950 miles of copper cable, 846 miles of coaxial cable, 104 towers, along with other assets including spectrum with a cost of $29.5 million, investments in MachTen of $4.4 million and Aureon valued at $9.0 million. This release contains certain forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation anticipated financial results, financing, capital expenditures and corporate transactions. It should be recognized that such information is based upon certain assumptions, projections and forecasts, including without limitation, business conditions and financial markets, regulatory and other approvals, and the cautionary statements set forth in documents filed by LICT on its website, As a result, there can be no assurance that any possible transactions will be accomplished or be successful, or that financial targets will be met. Such forward-looking information is subject to uncertainties, risks and inaccuracies, which could be material. LICT Corporation is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business. LICT Corporation Balance Sheet (In Thousands) (Unaudited) March 31, 2025 (Audited) December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 16,394 $ 9,546 Restricted cash 1,773 1,835 Accounts receivable, less allowances of $218 and $190, respectively 8,304 7,834 Grants receivable 8,161 12,759 Materials and supplies 12,979 12,581 Prepaid expenses, and other current assets 5,513 4,681 Total current assets 53,124 49,236 Property, Plant, and Equipment, Net 187,149 179,910 Goodwill 51,185 48,251 Other intangibles 35,772 34,100 Investments in Affiliated Companies 6,293 6,723 Other assets 11,297 10,836 Total assets $ 344,820 $ 329,056 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,993 $ 8,908 Accrued interest payable 338 105 Accrued liabilities 10,646 9,227 Current maturities of long-term debt 9,683 80 Total current liabilities 26,660 18,320 Long-term debt 71,827 66,556 Deferred income taxes 31,920 31,289 Other liabilities 9,280 9,301 Total liabilities 139,687 125,466 Total shareholders' equity 205,133 203,590 Total liabilities and shareholders' equity $ 344,820 $ 329,056 Expand EBITDA EBITDA is a widely recognized measure of operating performance and liquidity, commonly used by analysts, investors, and other stakeholders in the telecommunications industry. It provides a useful benchmark by removing variations in financial, capitalization, and tax structures, allowing for better comparability across companies. We consider EBITDA trends to be a key indicator of our ability to generate sufficient operating cash flow to support working capital needs, service debt obligations, and fund capital expenditures. EBITDA is calculated as Operating Profit from Continuing Operations, adjusted to include corporate expenses, depreciation and amortization, charitable contributions, and impairment losses. LIQUIDITY - In October 2024, the Company enhanced its financial flexibility by securing a new $100.0 million revolving credit facility with CoBank. This facility, which carries terms similar to the Company's prior $50.0 million revolver, extends for a five-year term and doubles the Company's available liquidity. As of March 31, 2025, the Company had drawn $43.8 million under this facility, with an average interest rate of 6.4% during the first quarter. As previously disclosed, in August 2024, the Company entered into an $11 million credit facility with First Central State Bank (FCSB) to support construction of its Iowa NOFA 6 project. As of March 31, 2025, $9.6 million remained outstanding at an interest rate of 6.41%. The project was successfully completed in March 2025, and on March 31, 2025, the Company received $7.2 million in grant funding from the State of Iowa. The FCSB facility was fully repaid in early May 2025. As of March 31, 2025, the Company's net debt balance stood at $55.0 million, compared to $47.4 million as of December 31, 2024. The $7.6 million increase (16.1%) reflects a $14.9 million rise in total debt, including a $5.0 million draw on the CoBank facility, $8.3 million in seller notes related to the MTC acquisition, and a $1.6 million draw on the FCSB facility. These increases were partially offset by a $6.8 million increase in cash, largely attributable to the Iowa state grant as well as a $0.5 million increase in accounts receivable. The Company maintains ample liquidity under its $100 million credit facility, allowing it to balance strategic investments, acquisitions, and return of capital to shareholders. CAPITAL EXPENDITURES – In the first quarter of 2025, capital expenditures totaled $15.5 million, a decrease of $900,000 (5.5%) compared to $16.4 million in the first quarter of 2024. Spending this quarter was primarily directed toward the continued build- out of E-ACAM broadband infrastructure, the Iowa NOFA 6 project, and early-phase ReConnect III and IV initiatives. The Company also allocated capital to fixed wireless and 5G network expansion under the direction of its Sound Broadband subsidiary. LICT currently projects full-year 2025 capital expenditures of just over $100.0 million to exceed the 2024 gross capital expenditures of $68.0 million. The current projection will be impacted by the timing of the commencement of the grant projects in New Mexico and California that are awaiting environmental clearance. In the first quarter of 2025 we received $7.2 million in state grant funding for the completion of the two year Iowa NOFA 6 fiber to the home project. Capital investments remain integral to achieving regulatory commitments and expanding high-speed broadband services across LICT's rural markets.
