FIDELITY TAKES 8% SHAREHOLDING IN ZEGONA

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ZEGONA COMMUNICATIONS PLC ("Zegona")

LEI: 213800ASI1VZL2ED4S65

17 December 2019

FIDELITY takes 8% shareholding in zegona

Following Zegona's announcement on 2nd December that its stake in Euskaltel S.A. and net cash balance had a value of £1.41 per share, which was 46% higher than its share price on that date1, Zegona is pleased to announce that Fidelity Management & Research ("FMR") joins its other leading global investors with a shareholding of almost 8%.

Eamonn O'Hare, Chairman and CEO of Zegona, commented: "I am delighted that FMR has chosen to invest in Zegona at this time. We see strong potential for Zegona both through the inherent value of our core asset and through the positive change and renewed ambition which José Miguel García and his team are bringing to the Euskaltel business. We look forward to working on behalf of FMR and our other leading global investors to deliver long term shareholder value."

Enquiries

Tavistock (Public Relations adviser)

Tel: +44 (0)20 7920 3150

Lulu Bridges - lulu.bridges@tavistock.co.uk 

Jos Simson - jos.simson@tavistock.co.uk

IMPORTANT NOTICES

This announcement has been prepared in accordance with English law, the Listing Rules and the Disclosure Guidance and Transparency Rules and information disclosed may not be the same as that which would have been prepared in accordance with the laws of jurisdictions outside England.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

About Zegona

Zegona was established in 2015 with the objective of investing in businesses in the European Telecommunications, Media and Technology sector and improving their performance to deliver attractive shareholder returns. Zegona is listed on the standard listing segment of the Official List of the Financial Conduct Authority and the Main Market for listed securities of the London Stock Exchange, and is led by former Virgin Media executives Eamonn O'Hare and Robert Samuelson. Zegona is the largest shareholder of Euskaltel S.A. owning over 20%.

As at 16 December 2019, reflecting all TR-1 notifications received to date, Zegona was aware of the following shareholders holding more than 3 percent of the total voting rights of Zegona:

About Euskaltel

Euskaltel is the leading quad-play telecommunications provider in the North of Spain, with a network covering nearly 2.3 million households. It provides high speed broadband, data rich mobile, advanced TV and fixed communications services to residential and business customers under the Euskaltel, R Cable and Telecable brands. Euskaltel is a public company actively traded on the stock markets of Bilbao, Madrid, Barcelona and Valencia.

1 As at 29th November 2019. As at 13th December 2019, the value of Zegona's investment in Euskaltel and net cash balance was £1.37 per share which was 25% higher than its share price of £1.095 per share on that date.