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Share Name Share Symbol Market Type Share ISIN Share Description
Zegona Communications Plc LSE:ZEG London Ordinary Share GB00BVGBY890 ORD �0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 151.00 149.00 153.00 151.00 150.50 151.00 0.00 08:00:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mobile Telecommunications 0.0 12.4 5.3 29.3 331

Zegona Communications Share Discussion Threads

Showing 201 to 224 of 300 messages
Chat Pages: 12  11  10  9  8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
29/3/2021
18:10
This is one of the weirdest price actions in my investment life. I doubled my 94p holding paying 127p this morning and i may well double it again tomorrow. Lets remember pre todays announcement NAV was north of 140p so we are still below this with an agreed acquisition premium. If in the most extreme case the buyer pulls out the for sale sign has clearly been raised and Spain is consolidating. I have no idea why this is not north of £1.50p, not quite a risk free arbitrage but surely not far away from it. I think if i was aged 60+ with a 5 year investment horizon i may have taken profits but everyone else should be going very long IMO. The Zeg board must be pulling their hair out. Zeg can’t buyback either.
rimau1
29/3/2021
18:08
It's been a long time since I saw a "gift horse"
tiltonboy
29/3/2021
17:42
Tilts - 130p Bid - Excellent call to have bought more on the news...well done indeed.
skyship
29/3/2021
17:06
Free float of 8.84% I thought that the share price would end at around £2 ??
kaur70
29/3/2021
12:58
Shouldn't the company be buying its' own shares now?
dekle
29/3/2021
12:09
SKY, There is a big difference what ZEG and MVI will do with the cash. As LIBC comment, it is likely that ZEG will return the majority of the cash, but whether MVI do the same is a totally different proposition....but this is ZEG we are talking about.
tiltonboy
29/3/2021
12:02
Yes, imagine Marwyn will want to cash out (their own self interest even). Many other institutions are on board here, so they're calling the shots, to an extent. It's not crazy to think they could vote down the management remuneration package and ask for a wind up of the 170p/share proceeds for themselves. The preferred return watermark is also a minimum 5% pa return over a 5 year calculation period Either way, at these levels, the downside risk appears very limited Eric
pireric
29/3/2021
11:57
Scandalous management rem but they appear to have delivered here. Discount looks extreme even allowing for management incentive shares. ZEG is one of IC's Bonkers Bargains from 2020
energeticbacker
29/3/2021
11:52
SteMIS: "Does this take account of the management incentive arrangements?" - in a word, "no"; I was merely doing a quick calc pre 8am to decide what price I would take depending on the size of the rise. FWIW, that's c.150p. Their salary/admin costs are ludicrous. I imagine their vanity and continued greed will make them do all they can to talk about investment strategies etc., going forward. OTOH, I imagine Marwyn will want the cash, so the balance of the decision would seem to lie with the other 10 listed institutional holders whose holdings total c.72%???
value hound
29/3/2021
11:37
The 2015 placings were at 120p and 150p, and based upon their stated calculation of a 5% pa compound return for shareholders the threshold for the incentive shares to have any value would have been 161p and 201p. It looks as though the redemption of the first period triggered a new calculation for the second period, which set a lower baseline of 95.5p. Shareholders voted for that? As with many of this kind of vehicle, it needs winding up.
flyfisher
29/3/2021
11:29
Considering they have been holding one investment, staggered that they have been burning through E 5.6m of admin costs in a year including employing 6 people at a salary cost of E 3.6m including £1.1m for the CEO and £0.9m the COO. Not exactly slumming it. An incentive arrangement that gave them 12p a share would be around £25m
stemis
29/3/2021
11:20
In accordance with the rules of the incentive arrangements , Zegona management redeemed its Management Shares on 25 June 2020, in advance of expected closed periods. Despite Zegona's Underlying Asset Value being above the Preferred Return, Zegona's Market Capitalisation was below the Preferred Return and therefore no value was received by management in respect of the first Calculation Period. A new Calculation Period commenced on 25 June 2020 with the Baseline value set at the higher of Zegona's Market Capitalisation and its Net Shareholder Invested Capital on this date. The new Baseline value is £0.955 per Zegona share. The renewal of the Management Share rights will be subject to approval by Zegona's shareholders at its 2021 AGM. Not sure what the definition of 'net shareholder invested capital' is but at most compared to current NAV, the value of the incentive arrangement is 12p a share.
stemis
29/3/2021
11:19
Only just logged on...pleasing news
badtime
29/3/2021
11:03
copied from MVI thread; davebowler29 Mar '21 - 10:29 - 1654 of 1655 0 0 0 Liberum; Significant NAV uplift from Euskaltel bid Mkt Cap £61m | Prem/(disc) -33.1% | Div yield 2.1% Event Masmovil yesterday announced a takeover bid for Euskaltel worth almost €2bn. Euskaltel is a quad-play telecoms provider in the North of Spain The largest shareholder in Euskaletel is Zegona Communications, which is the biggest position in MVI's portfolio. Zegona accounts for approximately 33% of MVI's NAV (based on Friday's closing price). Zegona's large shareholding in Euskaltel originated when it sold Telecable to Euskaltel in 2017 in a cash and share transaction. Masmovil's offer of €11.17 per share in cash for Euskaltel has the agreement of 52.3% of shareholders. The offer price represents a 16.5% premium to Friday's closing price. The offer is conditional on receiving at least 75% acceptance. The transaction values Euskaltel at 10.1x EBITDA and 21x operating cash flow. Liberum view A transaction between Masmovil and Euskaltel has been speculated for a number of years. Assuming the takeover completes, the transaction should be highly accretive for Zegona shareholders. Based on Friday's closing price, Zegona's market cap is £207m and the company's 21.4% stake in Euskaltel is valued at €428m (£363m) at the offer price. Zegona also has a small net cash position resulting in an underlying asset value per share of 170p (80% premium to Friday's price). Zegona’s share price has risen by 32% so far this morning. We would expect the majority of capital received by Zegona to be returned to shareholders.
hugepants
29/3/2021
10:52
The management scheme was, the Marwyn one was not. However, the management scheme is contingent on AGM approval in a few months time. It would be harsh, but shareholders could just tell management to stuff it and tell them to liquidate the company to unlock 170p, ha. Some smart institutional shareholders could bunch together to enact that if they wanted out or wanted to crystallise a 50p/40% gain from here. That's a nice downside backstop. Eric
pireric
29/3/2021
10:48
Felix , The fifth anniversary of the management incentive scheme should have been 14/05/20, unless it has been extended.
flyfisher
29/3/2021
10:42
I've added. Surely the arbs will come out to play!
tiltonboy
29/3/2021
10:29
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
pireric
29/3/2021
10:26
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.
felix99
29/3/2021
09:35
Really excellent news - and worth c.176pps for ZEG at current exchange rates acc' to my quick calcs??? Does this take account of the management incentive arrangements?
stemis
29/3/2021
09:31
"There will always be sellers on a 32% rise".....indeed. I took the turn in my personal a/c; but am holding in my SIPP. Thnx Tilts. Without your contributions to the thread I don't think I would have participated; just left the value to accrue to MVI, where I actually have a smaller holding!
skyship
29/3/2021
09:31
"There will always be sellers on a 32% rise".....indeed. I took the turn in my personal a/c; but am holding in my SIPP. Thnx Tilts. Without your contributions to the thread I don't think I would have participated; just left the value to accrue to MVI.
skyship
29/3/2021
09:29
I suspect what the share price does will be important, cart. You could sense the frustration of top management that the share price lingered below where was justified by NAV for a long time. On one hand, might prompt them to liquidate. On the other hand, they might look at the Euskaltel ROI they generated and just fuel them to go again. Either way, dont think this trades at more than a 15% discount to current NAV so 145p min Eric
pireric
29/3/2021
09:26
Nice!!! What will Eamonn do with all that money?
cartmans_mom
Chat Pages: 12  11  10  9  8  7  6  5  4  3  2  1
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