Business
Management Subscription
Management Subscription.
About this update from Zegona Communications Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2000Q\n Zegona Communications PLC\n 26 October 2021\n \n \n \n \n NOT FOR DISTRIBUTION, PUBLICATION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OR TO ANY US PERSON, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA\n OR ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN SPAIN)OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION, PUBLICATION OR RELEASE WOULD BE UNLAWFUL.\n \n \n \n \n \n \n \n \n ZEGONA COMMUNICATIONS PLC (\"Zegona\")\n \n \n \n \n \n LEI: 213800ASI1VZL2ED4S65\n \n \n \n 26 October 2021\n \n \n \n \n Management Subscription\n \n On 15 October 2021, Zegona announced that its management team had subscribed for 1,734,451 new ordinary shares, or 28.1% of Zegona's share capital at the adjusted Net Asset Value per share of £1.44[1]. As previously announced, this subscription was contingent on the admission to trading (\"Admission\") of these shares by the Financial Conduct Authority (\"FCA\") and it was not expected that the company would be required to issue a prospectus for Admission.\n \n Zegona has now been informed that Admission at this time is limited to a maximum of 20% of its shares in issue post its tender offer. Zegona has therefore issued 887,594 ordinary shares conditional upon Admission (the \"Initial Issue\") with the remaining 846,857 shares to be issued the next time Zegona prepares a prospectus (the \"Subsequent Issue\")[2].\n \n Immediately following the Initial Issue, the board and management will hold 17.9% of Zegona's shares.\n \n Admission of the Initial Issue ordinary shares is expected to occur at 8 a.m. on 27 October 2021 and Zegona's total voting rights will then total 5,325,567.\n \n \n \n \n Enquiries\n \n \n \n \n \n Tavistock (Public Relations adviser - UK)\n \n \n Tel: +44 (0)20 7920 3150\n \n \n Lulu Bridges - \n \n [email protected]\n \n \n \n \n \n \n \n \n \n \n \n \n \n [1]\n The adjusted Net Asset Value per share of Zegona on 14 October 2021 of £1.438 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 c...