REG - Zegona Comm PLC - Management Subscription

Zegona CommunicationsAnnouncement

26/10/2021 07:00

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RNS Number : 2000Q  Zegona Communications PLC  26 October 2021

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ZEGONA COMMUNICATIONS PLC ("Zegona")

 

LEI: 213800ASI1VZL2ED4S65

 26 October 2021

 

Management Subscription

 

On 15 October 2021, Zegona announced that its management team had subscribed
for 1,734,451 new ordinary shares, or 28.1% of Zegona's share capital at the
adjusted Net Asset Value per share of £1.44 1  (#_ftn1) . As previously
announced, this subscription was contingent on the admission to trading
("Admission") of these shares by the Financial Conduct Authority ("FCA") and
it was not expected that the company would be required to issue a prospectus
for Admission.

 

Zegona has now been informed that Admission at this time is limited to a
maximum of 20% of its shares in issue post its tender offer. Zegona has
therefore issued 887,594 ordinary shares conditional upon Admission (the
"Initial Issue") with the remaining 846,857 shares to be issued the next time
Zegona prepares a prospectus (the "Subsequent Issue") 2  (#_ftn2) .

 

Immediately following the Initial Issue, the board and management will hold
17.9% of Zegona's shares.

 

Admission of the Initial Issue ordinary shares is expected to occur at 8 a.m.
on 27 October 2021 and Zegona's total voting rights will then total 5,325,567.

 

Enquiries

 

Tavistock (Public Relations adviser - UK)

Tel: +44 (0)20 7920 3150

Lulu Bridges - lulu.bridges@tavistock.co.uk
(mailto:lulu.bridges@tavistock.co.uk)

 

 1  (#_ftnref1) The adjusted Net Asset Value per share of Zegona on 14 October
2021 of £1.438  was calculated, with no provisions being made for any
potential value being received from the non-current tax receivable (as
disclosed in Zegona's accounts for six months ended June 30, 2021) and no
provisions for the termination costs of any contracts or other future
potential liabilities.

 2  (#_ftnref2) The Subsequent Issue will be at the same £1.438 price as the
Initial Issue. Management have already paid the full consideration to Zegona.
The lock-in period on the Subsequent Issue commenced on the date of payment.

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