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(Alliance News) - Zegona Communications PLC said Monday it has agreed to amendments to its existing GBP30 million credit facility with Barclays, in order to provide financial flexibility for the telecoms-focused investment firm to close its share price discount.
The changes to the facility includes the extension of the period in which the facility can be drawn to March 15, 2020, and will allow the undrawn amount of GBP20 million to be used for capital returns to shareholders.
Zegona said its over 20% stake in Spanish telecommunications provider Euskaltel SA as at Friday last week had a value of 134 pence per Zegona share, 23% higher than Zegona's share price of 109.75p on that date.
Shares in Zegona Communications - which is based in London - were untraded on Monday, last quoted at 109.0 pence.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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