Zegona Communications PLC Euskaltel completes Board restructuring (0240B)

TIDMZEG

RNS Number : 0240B

Zegona Communications PLC

05 October 2020

NOT FOR DISTRIBUTION, PUBLICATION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OR CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN SPAIN) OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION, PUBLICATION OR RELEASE WOULD BE UNLAWFUL.

ZEGONA COMMUNICATIONS PLC ("Zegona")

LEI: 213800ASI1VZL2ED4S65

5 OCTOBER 2020

Euskaltel completes Board restructuring

Following the Euskaltel EGM last Week, Zegona is pleased to highlight the successful restructuring of the Euskaltel Board and executive team over the past year. Zegona is confident that this restructuring will result in a more effective and efficient implementation of the company's 2020-2025 growth strategy outlined by Euskaltel senior management in March this year.

Zegona recognised the potential to improve Euskaltel's performance and increased its investment to become the lead shareholder in 2019. Since then we have driven significant changes to the Euskaltel Board and management. The first key milestone was the appointment of José Miguel García (formerly CEO of Jazztel) as CEO of Euskaltel by shareholders in July 2019. Ángel Olabuenaga Burón, a highly experienced executive with previous roles at Telefonica, Electrolux and Vestas, was subsequently appointed as CFO earlier this year. With Zegona's increased shareholding in Euskaltel, Zegona's CEO, Eamonn O'Hare, also joined Robert Samuelson, Zegona's COO, on the Euskaltel Board.

As announced last week, Euskaltel has now further strengthened its Board with two new `high-quality independent Board directors. Ms Beatriz Mato Otero and Ms Ana García Fau. They join Xabier Iturbe Otaegi, who was appointed the Chairman of the Board in October 2019 and José Ortiz Martínez who was appointed Company Secretary in November 2019. The new Board directors will make a significant contribution to the development of the business with their strong industry and governance credentials. At the same time, the Euskaltel Board size has been reduced to 10 members, which will help accelerate decision making and ensure greater dynamism within the business.

Eamonn O'Hare, Zegona's Chairman and Chief Executive Officer, commented : "Zegona has been instrumental in driving Euskaltel's new growth strategy, including increased operating efficiencies and launching the business nationally under the "Virgin telco" brand. A key inflection point was reached earlier this year when Euskaltel returned to growth, with significantly improved operating KPIs and strong financial performance. I am confident the recent changes to the Euskaltel Board will help drive further improvements to the company's performance, enhance corporate governance and accelerate strategic decision making".

Enquiries

Tavistock (Public Relations adviser)

Tel: [phone]

Lulu Bridges - [e-mail]

Jos Simson - [e-mail]

About Zegona

Zegona was established in 2015 with the objective of investing in businesses in the European Telecommunications, Media and Technology sector and improving their performance to deliver attractive shareholder returns. Zegona holds an equity stake of over 21% in Euskaltel and is led by former Virgin Media executives Eamonn O'Hare and Robert Samuelson.

About Euskaltel

Euskaltel S.A. ("Euskaltel") is the leading converged telecommunications provider in the North of Spain and has recently expanded to offer services nationally. It provides high speed broadband, data rich mobile, advanced TV and fixed communications services to residential and business customers under the Euskaltel, R Cable, Telecable and Virgin telco brands. Euskaltel is a public company traded on the stock markets of Bilbao, Madrid, Barcelona and Valencia.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

BOABIBDGGGGDGGS

(END) Dow Jones Newswires

October 05, 2020 02:00 ET (06:00 GMT)