Marwyn Value Investors Limited Zegona Tender Offer (2638P)
30 August 2017 - 4:16PM
UK Regulatory
TIDMMVI TIDMMVIR TIDMZEG
RNS Number : 2638P
Marwyn Value Investors Limited
30 August 2017
30 August 2017
Marwyn Value Investors Limited
Zegona Communications plc Tender Offer
Further to the announcement on 27 July 2017, the Directors of
Marwyn Value Investors Limited (the "Company") welcome the
announcement today by investee company, Zegona Communications plc
("Zegona") confirming the details of a tender offer following the
sale of Zegona's Spanish cable business, Telecable, to Euskaltel,
S.A.
Marwyn Asset Management Limited ("MAML"), has entered into an
irrevocable undertaking (the "Undertaking") accepting the tender
offer in full, on behalf of Marwyn Value Investors LP and Marwyn
Value Investors II LP (the "Funds"), which together own 25.8 per
cent of the issued share capital of Zegona. The Company indirectly
holds approximately 21.3 per cent of the issued share capital of
Zegona through its investment in the Funds.
Zegona proposes to return up to GBP140 million of cash to
shareholders by way of a tender offer at a minimum price of GBP2
per Zegona share, as detailed in the circular published by Zegona
today. This represents 42 per cent of Zegona's market
capitalisation of GBP330 million*.
Following completion of Zegona's tender offer, the Funds are
expected to receive aggregate proceeds of approximately GBP36.1
million. Payment is expected by 16 October 2017.
Approximately GBP26.0 million of the expected proceeds will be
attributable to Ordinary Shareholders. MAML expects to deploy the
proceeds in continuing to support the growth plans of new and
existing portfolio companies within the Funds.
Approximately GBP3.8 million of the gross proceeds will be
attributable to the Company's Realisation Shareholders. The Company
will make an announcement once proceeds have been received to
inform Realisation Shareholders of the process by which capital
shall be returned to them.
* As at 29 August 2017, being the latest practicable date prior
to the publication of this circular and based on Zegona's share
price of GBP1.685 as at market close on that date.
Company enquiries:
Louisa Bonney / Scott Danks
Axio Capital Solutions Limited
Telephone: 01534 761240
Henry Freeman / Steve Pearce
Liberum Capital Limited
Telephone: 020 3100 2200
PR enquiries:
Alex Child-Villiers / Ed Orlebar
Temple Bar Advisory Limited
Telephone: 020 7002 1080
-End-
Notes to editors:
Marwyn Value Investors Limited is a closed-ended investment
company on the London Stock Exchange Specialist Fund Segment - a
fully regulated market for professional, institutional and
sophisticated investors. Current investments through its underlying
funds include BCA Marketplace plc, Zegona Communications plc, Le
Chameau Group plc, Gloo Networks plc, Safe Harbour Holdings plc and
Wilmcote Holdings plc.
For further information see www.marwynvalue.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
TENEAKPEDFDXEEF
(END) Dow Jones Newswires
August 30, 2017 02:16 ET (06:16 GMT)
Zegona Communications (LSE:ZEG)
Historical Stock Chart
From Apr 2024 to May 2024
Zegona Communications (LSE:ZEG)
Historical Stock Chart
From May 2023 to May 2024