Zegona has extended its existing £30 million ($40 million) credit facility with Barclays to March 15, 2020.
The changes enhance the flexibility of the facility so the full undrawn amount of £20 million $26.3 million) can be used for capital returns to shareholders.
On 2 December 2019, Zegona announced that its stake in Euskaltel and net cash position had a value of £1.41 ($1.86) per Zegona share, which was 46% higher than its share price on that date, 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.
Zegona is an operating company that has been established with the objective of acquiring businesses in the European Telecommunications, Media and Technology sector.
