Business
EUSKALTEL GAINS IBEX PROMOTION
EUSKALTEL GAINS IBEX PROMOTION.
About this update from Zegona Communications Plc
[{"type":"text","content":"\n \nRNS Number : 1712X Zegona Communications PLC 17 December 2019 \n\n \n \n17 December 2019\n \nEUSKALTEL gains Ibex promotion\n \nThe Technical Advisory Committee of the IBEX indices yesterday announced that Euskaltel S.A. had been promoted to the IBEX Medium Cap Index1. This decision reflects the increase in the value of Euskaltel, whose market capitalisation has grown more than 35% during 2019, reaching €1641m2. This performance makes Euskaltel one of the best performing shares on the Spanish market during 20193. Euskaltel's share price growth directly impacts the value of Zegona's shareholding in Euskaltel. As announced on 2nd December 2019, the value of Zegona's investment in Euskaltel and net cash balance was £1.41 per Zegona share, which was over 46% higher than Zegona's share price at that time4.\n \nEamonn O'Hare, Chairman and CEO of Zegona, commented: \"Euskaltel's promotion to the IBEX Medium Cap Index is just reward for the improvements to the business initiated since José Miguel García became CEO in June 2019. As Euskaltel's largest shareholder, Zegona is fully supportive of Euskaltel's strategy to drive efficiencies in its existing business and to expand into the 85% of the Spanish telecommunications market where it is not yet present. We are pleased with the progress being made and congratulate the Euskaltel team on their recent promotion to the IBEX Medium Cap Index.\" \n \n \n \nEnquiries\n \nTavistock (Public Relations adviser)\nTel: +44 (0)20 7920 3150\nLulu Bridges - [email protected] \nJos Simson - [email protected]\n \nIMPORTANT NOTICES\nThis 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.\nThe 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.\n \n \nAbout Z...