January 7, 2020 / 7:28 AM / 13 days ago

Zegona to buy back 10 million sterling of shares to boost underlying asset value

LONDON (Reuters) - Zegona Communications (ZEG.L), a telecoms investment firm that owns a stake in Spain’s Euskaltel (EKTL.MC), said it would buy back 10 million pounds worth of its shares, which trade at a discount to the value of its investments and cash.

Zegona said in December its stake in Euskaltel and net cash position had a value of 1.41 pounds per share, whereas the stock currently trades around 1.09 pounds. It has around a 21% direct stake in Euskaltel, according to Refinitiv data.

“The buyback is expected to increase the underlying asset value per share for shareholders who retain their holdings in Zegona,” the company said on Tuesday.

Reporting by Paul Sandle; editing by Kate Holton

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