Zegona Com Share Price (ZEG)

What were yesterday's trades about?

The Zegona presentation from our recent London company seminar can be found in our members area here: hTTps://sharesoc.ning.com/xn/detail/6389471:Comment:53384
There is also a seminar report.

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Zegona present at our London growth company seminar on Wednesday. If anyone is interested, you can book your place here: https://www.sharesoc.org/events/sharesoc-growth-company-seminar-in-london-10-july-2019/

Zegona present at our London growth company seminar on the 10th July. If anyone is interested, you can book your place here: hTTps://www.sharesoc.org/events/sharesoc-growth-company-seminar-in-london-10-july-2019/

Not sure if anyone is still on here. But I'm slightly surprised by the recent share price drift at ZEG, which by my estimate has opened up a c. 20% discount to theoretical SOTP.

Following the tender offer ZEG has a market cap of GBP163.5m at the current share price of 129.5p. But its minority 15% stake in Euskaltel is worth c. GBP173m (137p per share) at current share prices / FX. This excludes the up to EUR 15m deferred payment due from Euskaltel worth another 10p per share. And the c. EUR 20m sitting on ZEG's B/S (another 14p per share). Taken together and you have a rough total value of 160p per share. So the current share price implies a 20% discount. I believe this represents an interesting entry point for anyone who believes that the ZEG mgmt team can "do a Melrose" in the coming years. I've used the recent share price softness to top-up again post-tender...