It is effective from June 24 and share purchases may be undertaken until September 15 or when Zegona has fully utilised the allocated £10 million. The buyback will be funded from existing capital resources.
According to Zegona, as it has previously highlighted, the value per Zegona share of its stake in Euskaltel and net cash position is significantly higher than Zegona’s share price. As of June 23, the differential between Zegona’s share price and the Underlying Asset Value per Share1 was 24.5%.
Its board remains committed to take actions to close this differential.