Business
Amendment to Barclays Facility
Amendment to Barclays Facility.
About this update from Zegona Communications Plc
[{"type":"text","content":"\n \nRNS Number : 3097Y Zegona Communications PLC 30 December 2019 \n\n \n \n30 December 2019\n \n \nZEGONA AMENDS £30 MILLION FACILITY \nAS IT EVALUATES ACTIONS TO CLOSE SHARE PRICE DISCOUNT\n \nZegona has agreed amendments to its existing £30 million credit facility with Barclays1. The changes extend the period in which this facility can be drawn to 15th March 2020 and enhance the flexibility of the facility so the full undrawn amount of £20 million can be used for capital returns to shareholders2.\n \nOn 2 December 2019, Zegona announced that its stake in Euskaltel and net cash position had a value of £1.41 per Zegona share, which was 46% higher than its share price on that date3 and that its Board was determined to take actions to close this differential. The amendments to the Barclays facility provide Zegona with significant financing flexibility as it evaluates actions to close the share price discount.\n \n \nEnquiries\n \nTavistock (Public Relations adviser)\nTel: +44 (0)20 7920 3150\nLulu Bridges - [email protected] \nJos Simson - [email protected]\n \n \nNOTES TO EDITORS\n \n \nAbout Zegona\n \nZegona 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 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, and is led by former Virgin Media executives Eamonn O'Hare and Robert Samuelson. Zegona is the largest shareholder of Euskaltel S.A. owning over 20%.\n \nAbout Euskaltel\n \nEuskaltel is the leading converged telecommunications provider in the North of Spain, with a network covering nearly 2.3 million households. It provides high speed broadband, data rich mobile, advanced TV and fixed communications services to residential and business customers under the Euskaltel, R Cable and Telecable brands. Euskaltel is a public company actively traded on the stock markets of Bilbao, Madrid, Barcelona and Valencia.\n \n \nNotes \n1 The interest payable on the drawn amount o...