Zegona Communications PLC ZEGONA SUCCESSFULLY COMPLETES TENDER OFFER (1657P)
15 Octubre 2021 - 1:00AM
UK Regulatory
TIDMZEG
RNS Number : 1657P
Zegona Communications PLC
15 October 2021
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ZEGONA COMMUNICATIONS PLC
LEI: 213800ASI1VZL2ED4S65
15 october 2021
ZEGONA SUCCESSFULLY COMPLETES TENDER OFFER
Zegona Communications plc ("Zegona") confirms that on 14 October
2021, shareholders received payments of GBP329.3 million under
Zegona's tender offer.
Upon the return of cash to shareholders, the management shares
[1] became exercisable and have been redeemed. As has been
previously disclosed, the amount payable is GBP25.7 million [2] . A
new Calculation Period for the remaining management shares
commenced on 14 October 2021 [3] . The Baseline value for the new
Calculation Period is equal to Zegona's Market Capitalisation post
the return of capital [4] .
On 24 May 2021, the Zegona management team committed to
re-invest a portion of the proceeds from their management shares
back into Zegona. The subscription price has now been confirmed [5]
and the management team has subscribed for 1,734,451 shares [6] for
an aggregate total investment of GBP2.5 million. Following the
investment, the Board and management team will hold 29.1% of
Zegona's shares.
Enquiries
Tavistock (Public Relations adviser - UK)
Tel: +44 (0)20 7920 3150
Jos Simson - jos.simson@tavistock.co.uk
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 is led by former Virgin
Media executives Eamonn O'Hare and Robert Samuelson.
IMPORTANT NOTICES
Zegona is listed on the standard listing segment of the Official
List of the Financial Conduct Authority and the Main Market for
listed securities of the London Stock Exchange. This announcement
has been prepared in accordance with English law, the Listing Rules
and the Disclosure Guidance and Transparency Rules and information
disclosed may not be the same as that which would have been
prepared in accordance with the laws of jurisdictions outside
England. The distribution of this announcement in jurisdictions
outside the United Kingdom may be restricted by law and therefore
persons into whose possession this announcement comes should inform
themselves about and observe such restrictions. Any failure to
comply with the restrictions may constitute a violation of the
securities law of any such jurisdiction.
[1] The management shares are A Ordinary Shares of Zegona
Limited, a subsidiary of Zegona, held by certain members of
Zegona's management team. All capitalised terms are as defined in
the Articles of Association of Zegona Limited.
[2] The holders delivered a redemption notice on 14 October 2021
and on the same date 99% of the management shares outstanding were
redeemed. Eamonn O'Hare and Robert Samuelson now hold 305,000 and
152,500 shares respectively and the full amount payable to the
holders is GBP25,719,940.
[3] The rights attached to these shares automatically renew,
subject to shareholder approval at Zegona's 2022 AGM. Holders can
exercise between the third and fifth anniversary of the new
Calculation Period, or earlier in certain circumstances defined in
the Articles.
[4] The Baseline value is expected to be GBP6.7 million, or
approximately GBP1.51 per each of the 4,437,973 shares
outstanding.
[5] Being the adjusted net asset value per share of Zegona on 14
October 2021. This was calculated, with no provisions being made
for any potential value being received from the non-current tax
receivable (as disclosed in Zegona's accounts for six months ended
June 30, 2021) and no provisions for the termination costs of any
contracts or other future potential liabilities
[6] The total investment was the maximum 28.1% of Zegona's
issued share capital permitted under the terms of the subscription
agreements.
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END
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