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Zegona Communications Investors - ZEG

Share Name	Share Symbol	Market	Stock Type
Zegona Communications Plc	ZEG	London	Ordinary Share

	Price Change	Price Change %	Share Price	Last Trade
	0.00	0.0%	49.00	08:00:00

Open Price	Low Price	High Price	Close Price	Previous Close
49.00	49.00	49.00	49.00	49.00

more quote information »

Industry Sector
MOBILE TELECOMMUNICATIONS

Top Investor Posts

Top Posts
Posted at 14/10/2021 15:41 by boystown My Interactive Investor account has paid me the cash, leaving 9 shares! :- / (I had just short of 10k shares in that account). Nothing yet from HL, so I suppose it will be after the close Read Full Thread Follow Reply
Posted at 20/4/2021 15:46 by pireric I suspect for many investors its a mix of two things: 1) a perception that this is not being run for shareholders but management. Im not sure that is really true, if you look at the precise details of the incentive plans and the need for a 5% pa return hurdle rate. Combined with the track record of management pre and with Zegona. Frankly, investors might look at the share price chart and have reservations, without accounting for tenders and large dividends. 2) the historic liquidity discount this has had. Institutions outside of those in fundraisings have little reason to jump at the opportunity given its very small and used to be single asset with Euskaltel and Telecable. There was also a track record discount as I think there was a perception that Euskaltel was expensive and the ultimate crystallisation value could be lower than the trading share price. The institutional discount wont disappear as nothing has changed, but we've moved to a discount to hard cash versus a discount to trading assets. As a shareholder, there's a 20%+ uplift on a liquidation, and even if they dont do that, a replica of past deals would suggest a pretty good above inflation return pa plus potential for that discount to narrow at any point Eric Read Full Thread Follow Reply
Posted at 29/3/2021 10:29 by pireric The Marwyn scheme expired worthless. And based on the share price today, the Zegona management one isnt going to be overly punitive! Still struggle to see how fair value today is under 145p minimum on an all in basis including a healthy discount to NAV. All things said and done, the Euskaltel transaction was pretty successful given there is also a special dividend along the way Give it a few weeks and see where this shakes out. When holdings become crystallised, like is the case here, only takes a couple of merger arb investors to get interested to close the discount more materially Eric Read Full Thread Follow Reply
Posted at 29/3/2021 10:26 by felix99 You have got to remember both MVI and ZEG mgt have their noses in the trough here before shareholders see any cash. Secondly you have no idea if the cash is to be returned or they use it for a new investment. Incentive Scheme Incentive scheme arrangements were put in place at Zegona's inception in 2015 to create incentives for Zegona's management team and for Marwyn as the original core shareholder of Zegona. Members of Zegona's management team have been issued Class A Ordinary Shares in the Company's subsidiary, Zegona Limited ("Management Shares") in connection with their employee arrangements and Marwyn was issued Class B Ordinary Shares ("Core Investor Shares"). Management Incentive arrangements The holders of the Management Shares are entitled to 15% of the growth in value of Zegona during a series of separate Calculation Periods, provided that ordinary shareholders achieve a 5% Preferred Return in each Calculation Period. The first Calculation Period began on 14 August 2015, with management having the right to redeem its Management Shares at any time between the third and fifth anniversaries of this date. Read Full Thread Follow Reply
Posted at 09/6/2020 19:23 by cerrito Dekle, you are right about the pay of both O’Hare and Samuelson and that is even before their fees from Euskaltel. Indeed the NED’s look after themselves well given it is not the most complicated company. You are right at the amount of shares held by institutional investors who had 81% of the shares in May and which explains the wide bid off spread. I see the investor with the largest holding is Marwyn and I do not see them as leading the charge to reduce exec remuneration. I also see that they no longer have a seat on Zeg’s board. All this helps explain the discount that these sharers trade to NAV, I have not read these very well having bought in January at 109ish. I had these in 16/17 and did well selling at 200+and it would be nice to think that Zeg will get up there again but do not see a catalyst for them to do so. Those who bought in the mid 80’s a few weeks back will not regret it.. Read Full Thread Follow Reply
Posted at 15/3/2017 09:31 by spectoacc @Eezy - MVI is a little complex and best thought of as a p/e co with mainly listed holdings (see "Top 10" towards bottom of page): http://www.hl.co.uk/shares/shares-search-results/m/marwyn-value-investors-ltd-ord-gbp0.000001 Essentially, they're mainly ZEG & BCA. GLOO is a zombie waiting for a deal. Edit - disadvantage of MVI is that you won't see a return anytime soon (including if you buy the realisation shares, MVIR, which are a total con IMO). Advantage is they're already on a big discount, and pay c.6% pa divi here. If you trust the likes of ZEG to keep performing, a la MRO, then MVI the way to play it IMO, if only for the double discount & yield. Read Full Thread Follow Reply
Posted at 09/9/2016 13:55 by oregano hopefully this is the clearout, the roadshow clearly going down well. Some bits in here on savings from refinancing. www.zegona.com/~/media/Files/Z/Zegona/investors/half-year-results-2016-presentation.pdf?pdfdata=1 Read Full Thread Follow Reply
Posted at 11/7/2016 10:12 by davebowler Liberum on MVI -a back door to Zegona at a big discount; Liberum Marwyn Value Investors* - Initiation Undervalued high-performer BUY Target price 185p \| Publication price 149p \| *Corporate Client of Liberum Marwyn Value Investors’ unique strategy has delivered 199% NAV return since 2006. Marwyn partners with proven management teams to implement a private equity investment strategy in listed sector-specific platforms pursuing buy-and-build strategies. The shares currently trade on a wide 30% discount to NAV (5.6% dividend yield) with potential catalysts including capital deployment and further upside from the existing portfolio. Buy. Leading performer NAV TR of 199% since 2006 (vs. 67% All Share return) driven by 2.6x realisation multiple. Marwyn ranks second amongst its PE/small-cap peer group over the time period. Returning capital The fund is committed to returning capital with 50% of net realisation gains returned to shareholders. Quarterly dividends currently equate to a 5.6% dividend yield. Unique strategy The fund backs leading management teams to create value through buy-and-build strategies. Marwyn has constructive influence over strategy and is often the largest investor. Valuation Marwyn now trades on a 30% discount to NAV. The price implies a 47% discount on Zegona and BCA positions (ex-cash and assuming 50% discount on remaining assets). Read Full Thread Follow Reply
Posted at 19/3/2016 15:08 by pickledcabbage Zegona confirms exclusive talks to buy Yoigo hTTps://next.ft.com/content/d2a7881f-0131-3010-b25d-b13fe4d7224a ...Zegona said that there was still no agreement, however, “even in principle”. It said that it had entered into an exclusivity agreement with TeliaSonera, the Swedish telecoms group that owns Yoigo, but added that other “stakeholders would also need to be involved in any transaction”. Zegona said that the acquisition may be classed as a reverse takeover on the basis of the terms under discussion, which caused the company to request a temporary suspension of trading in its shares. A price of about E500m has been rumoured for Yoigo, which has been put for sale in the past by TeliaSonera but without finding a buyer, while Zegona has a market capitalisation of about £250m. The group has been backed by funds from investors such as Neil Woodford, Fidelity and Standard Life, but typically seeks to raise extra finance after it has agreed to a deal. Read Full Thread Follow Reply
Posted at 20/1/2016 08:36 by webpax Shrewd investor John Rosier gives a good write up of the investment case: http://masterinvestor.co.uk/equities/why-i-bought-a-small-initial-holding-in-zegona-communications/ Read Full Thread Follow Reply

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