Zegona Communications PLC ZEGONA SHARE BUYBACK PROGRAMME -- PROGRESS UPDATE (9518H)

TIDMZEG

RNS Number : 9518H

Zegona Communications PLC

30 March 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

30 MARCH 2020

ZEGONA SHARE BUYBACK PROGRAMME - PROGRESS UPDATE

On 7 January Zegona announced a Buyback(1) programme of its Ordinary Shares(2) for an aggregate purchase price of up to GBP10 million. Zegona's Board has set a Buyback Policy(3) that allows shares to be acquired at prices up to the Underlying Asset Value Per Share(4) .

As part of this programme, Barclays Bank plc, on behalf of Zegona, has purchased the following number of Ordinary Shares:

 
 Date of purchase:                         27 March 2020 
 Number of shares purchased:               207,383 
 Volume weighted average price paid per    GBP0.800000 
  share: 
 Lowest price paid per share:              GBP0.800000 
 Highest price paid per share:             GBP0.800000 
 

Zegona intends to cancel these shares.

Detailed information about the individual purchases is available below.

ENQUIRIES

Tavistock (Public Relations adviser)

Tel: [phone]

Lulu Bridges - [e-mail]

Jos Simson - [e-mail]

Trade details:

 
                                                                   Transaction reference 
 Purchase date   Purchase time   Volume    Price         Platform   number 
---------------  -------------  --------  ------------  ---------  --------------------- 
 27 March 2020   14:29           207,383   GBP0.800000   XLON      qu52dyuz6685 
 

1. The "Buyback" is Zegona's on-market share buyback programme for an aggregate purchase price of up to GBP10 million, announced on 7 January 2020

   2.     Ordinary shares of GBP0.01 each in the capital of Zegona ("Ordinary Shares") 

3. Zegona's "Buyback Policy" is that shares may be acquired at prices up to the Underlying Asset Value per Share on the day of purchase, subject also to normal market practice as regards buyback pricing, as set out in the Important Notices section of Zegona's buyback programme announcement dated 7 January 2020

4. The "Underlying Asset Value per Share" is defined for any day as the value in pounds sterling on the previous trading day of Zegona's investment in Euskaltel (using the EUR/GBP FX rate on that day) and net cash balance divided by the number of Zegona Ordinary Shares in issue

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March 30, 2020 02:00 ET (06:00 GMT)