Does anyone know if it's a good idea to subscribe to the share offer via Interactive Investor/HL/AJ Bell? At least I can put them in an ISA.
However, investment trusts generally fall to discounts soon after issue, so if we pay 150p per share, isn't it likely that they drop afterwards to a discount? |
Pity I didnt add a load more!!!! |
Did anyone else stay on for the wild ride? |
Hi eezy, I am daft enough, just didn't have the balls.
I look forward to spending the proceeds of my 9 share residue from the stock redemption, after commission it might buy me a victoria sponge! |
Nice 5 bagger for any brave buyers before suspension, assuming this goes through :)
I'm nowhere near daft enough! |
Indeed. E5 billion valuation suggested. |
So we might be buying Vodafone's Spanish business. I'd guess there's around €8-9m in the kitty, so no wonder ZEG is in discussions "with banks in relation to its financing"! |
The 2 executive directors of this shell company are being paid over £1.2M per annum. Absolutely shocking. |
So this shower have blown close to €5m in a year and have done nothing - other than write the longest-winded final results ever to say just that. Unbelievable. |
They're still mulling things over I see. Nice work if you can get it. |
Ahh - thnx for that. Problem with reading Annual Reports nowadays is that there is so much useless box-ticking, politically correct guff to plough past!
So, cE8.2m = c£6.9m = c£1.29. Still not bad, even at today's slightly improved sp; though of course the NAV is perhaps largely irrelevant as it will continue to tick down as salaries drawn and costs accrue. |
Following the sale of its investment in Euskaltel, Zegona meets its day to day working capital requirements, including the costs of evaluating new acquisitions, from cash balances. At 3 April 2022, Zegona had approximately €9.2 million of cash and approximately €1.0 million of liabilities and we are already making progress on finding another attractive investment opportunity within the European TMT sector where we can again apply our successful Buy-Fix-Sell strategy. |
They mentioned what the cash position is in commentary |
Hmm - not that easy tracing current Net Cash.
31st Dec'21 B/S shows cash & receivables of 10,753m; less liabilities of 1,563m = £9,190m.
Does seem too high however as that would give an NAV of 172.5p with 5.326m shares in issue. NAV previously reported at c155p at the time of Tender.
HE - how do you get your £1.17? |
Net cash figure is wrong. It is circa £1.17 so not that attractive a discount given ongoing costs. Does depend on where they might do any fundraise though. I would assume they would want to do it at some form of premium. |
Attractive or obscene? |
Well, net cash of £9m, mkt cap £4.39m, and they're "actively pursuing a number of attractive opportunities and have recently participated in a number of transaction processes...."
But they're also actively pursuing their attractive salaries whilst doing so. |
Finals to Dec'20 were announced on 20th April last year. This time around we should have had an RNS by now as there was sod all to add up!
Hopefully we will hear that the NAV in cash is still over 100p; and the BOD have decided to wind-up as no hope of finding, funding and concluding a deal nowadays. |
The downside is the BoD remuneration. I assume c.£2m pa? Add in wind up costs |
I've bought a few of these FWIW, for obvious reasons (151p for 90p). The problem is that they haven't got enough money to do anything like the sort of deal they'll want to - so may need to raise more. OTOH, they could just call it a day and give the cash back - IF that was the decision from Marwyn / Artemis presumably? |
From 15th Oct'21:
The Baseline value is expected to be GBP6.7 million, or approximately GBP1.51 per each of the 4,437,973 shares outstanding. |
Does anyone know the current cash position? About £7.5m?
Thanks |
Many thanks Skyship |
Red Ninja - most remiss of me - thnx for that.
So ZEG actually did well twice. Redeemed via tender 99.8% @ 200p (Oct'17); then c15months later (Jan'19) went around for a 2nd time:
"A total of 95,715,728 ordinary shares of GBP0.01 each in the equity capital of Zegona (the "Placing Shares") have been placed by Barclays Bank PLC, acting through its investment bank ("Barclays") and Oakley Advisory Limited ("Oakley") at a price of 105 pence per Placing Share (the "Placing Price"), raising gross proceeds of approximately GBP100.5 million. The Placing Shares being issued represent approximately 75.8 per cent. of Zegona's issued ordinary share capital prior to the Placing.
The Placing Price of 105 pence each represents a discount of 12.5 per cent. to the middle market price at the time at which Zegona and Barclays and Oakley agreed the Placing Price." |
Mmm, that is not strictly accurate.
Zegonna started with Telecable and sold that to Euskatel.
On selling Telecable it announced a £2 tender offer for shareholders which was 99.8% taken uo.
It went on to raise new funds and took up a stake in Euskatel which it further increased.
It has also examined other potential investments in the past.
So Euskatel was it's second deal and it looks like it will do a third.
I agree timing of when to buy in would see you maximise your profits here. |
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