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Thanks for that fallingknife, always good news when bigger players start taking an interest in one of your stocks. , I am not a short term trader, so will also be holding, but usually set an ambitious 33% profit take within 1 year on any new purchases... caught out not banking profit many times in the past. My figure here is 138p, so I would exit at that if Zeg got there before June 21.
of Canada are the £1 million trade buyers. Stake in company almost doubled from 5.2% to 10%. Importantly the trade was not part of the buy back programme so hopefully we will get a lift of a 1p or 2p minimum when the buyback starts. Very few trades daily so bound to have an impact though brokers may have access to ready sellers. Of which I am not one.
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Cheers fallingknife.... makes sense.
ToS They do regular updates on the buy back. They have to RNS purrchases. I am going to stick my neck out and say the £1m buy is not part of the buyback. They only bought baskets of 230k previously. If it is part of the buybacks , irt represents a serious escalation though they are determined to narrow the discount. They would have used one tenth of their firepower in one go if so/ I think it was a buy and by an institution and thus triggered the large rise.
Anyone got any thoughts on that £1m trade yesterday? Showing as a sell, but I think it could be the first 10% of the buyback at a negotiated 112p. how / when must Zeg notify on progress of the buyback? Thanks.
Hopefully in a new trading range now - my recent buy before the decline was at 102. With so many cutting dividends hopefully this should attract income seekers.
I am also new in here, bought in last Wed at 104p. Always nice to see a recent purchase get a nice kick start! Usually goes the other way in the short term for me, I rarely time things well!
No problem Noel! Good to see you on board. I hope you got in ahead of today's rise. Luckily I picked some up at 89 but also paid 117p at one stage. The share buyback will help as there are very few trades everyday. To think it was 80p in April grrr!
I am now in ZEG FK. I left it late, but thanks for the tip.
and divi coming too. I think there was a telecoms merger in Spain recently which has increased speculation about Euskatel. The last buyback programme drove up the SP from today's price to 117p on the ask. Will there be more of the same from today?
Rise into ex date.
No assets other than Euskatel AFAIK Skid which is why it trades at a substantial disount to NAV. They may have intended to but they have recently set out their focus and it involves Euskatel expanding their market share in Spain. They have made it their mission to narrow the discount this year. So rather than spreading too thinly it is good they have a narrow focus.
Are there plans for other assets outside euskatel?
They need to find undervalued assets and really add value to justify wages, as they are really not operational directors
No problem skid. I like this share and I think they have the expertise to pull off their plans. Some guy on another site was railing at their remuneration but if their plans come to fruition they will be worth it. I am not a telecoms expert but with the recent merger of Telefonica and Virgin Zeg have the backing to expnad substantially in Spain from its current 15%.
The SP is perking up so maybe something is in the offfing?
Thanks for the updates - very useful
Euskaltel SA (EKT) NPVSell:€8.00 Buy:€8.45 €0.50 (6.41%)Market closed | Prices as at close on 2 June 2020 | This follows a 10% rise on June 1st. On April the 23rd Euskatel was 6.7 euros per share and exchange rate of 1.14E/£1. Today is 1.12E/£1.Will certainly help with the NAV of Zegona and but not the discount to NAV which they are focussed on narrowing.
shares but there seems to be some institutions buying in tandem. Very good value at this level as the spread has narrowed. Euskatel had suffered a dip but is recovering in the last two days.
despite some mammoth buys. Good news is the spread has narrowed and the buyback has not got underway in earnest yet.
Advice from FK1 helped me a lot. I'm grateful for his posts.
The instis must be filling their boots. Hope the SP doesn't run away before i grab some more.
50000 share trade was part of the buyback programme so it looks as if indeed we only have buying interest. That is 275,000 shares bought back already for cancellation.
Touche Rugs. Being an uncrossed trade means it was the best bid and ask available. So both parties did well.. I was wondering why Euskatel fell two per cent incidentally yesterday and I assume it is to do with the departure of the guy. However his departure is good news for Zegona as it further cements their control of the company.
And precisely 38 minutes after posting we see a sale of 50000. I admire you timing FK1
with investors taking all prices up since the morning. I expect the bid to go up shortly as there are no sellers about.
I see the herd are arriving. Those pesky Aberforth Partners just took a 6% stake in the company. It has boosted the price but personally I hate it when these amateur investors pile in and complicate the market for serious investors. Grrrr!