Zegona Communications PLC ZEGONA SHARE BUYBACK PROGRAMME -- PROGRESS UPDATE (8146T)

TIDMZEG

RNS Number : 8146T

Zegona Communications PLC

23 July 2020

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ZEGONA COMMUNICATIONS PLC ("Zegona")

LEI: 213800ASI1VZL2ED4S65

23 JULY 2020

ZEGONA SHARE BUYBACK PROGRAMME - PROGRESS UPDATE

On 24 June 2020 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:                         22 July 2020 
 Number of shares purchased:               28,000 
 Volume weighted average price paid per    GBP1.150000 
  share: 
 Lowest price paid per share:              GBP1.150000 
 Highest price paid per share:             GBP1.150000 
 

Zegona intends to cancel these shares.

Detailed information about the individual purchases is available below.

As at 22 July, Zegona had purchased an aggregate of 2,776,101 shares for a total of GBP2,848,277 and cancelled 2,748,101 meaning the total number of voting rights in Zegona is 219,187,076, each carrying one vote per share.

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 
---------------  -------------  -------  ------------  ---------  --------------------- 
 22 JULY 2020    14:27           28,000   GBP1.150000   XLON      qu53brsflc79 
 

1. The "Buyback" is Zegona's on-market share buyback programme for an aggregate purchase price of up to

GBP10 million, announced on            24 June 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 24 June 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

5. These figures should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interests, or a change to their interest, in Zegona under the FCA's Disclosure Guidance and Transparency Rules.

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July 23, 2020 02:00 ET (06:00 GMT)