17th Dec 2019 16:35
(Alliance News) - Zegona Communications PLC said Tuesday that Fidelity Management & Research LLC has a 7.76% stake in the telecommunications industry investor, following a purchase on Thursday last week.
FMR has 17.2 million Zegona shares. Zegona didn't say how many shares, if any, FMR held prior to Thursday.
On the same day, Invesco Ltd reduced its stake in Zegona to 7.36% from 11.78%.
"I am delighted that FMR has chosen to invest in Zegona at this time," said Chair & Chief Executive Officer Eamonn O'Hare. "We see strong potential for Zegona both through the inherent value of our core asset and through the positive change and renewed ambition which Jose Miguel Garcia and his team are bringing to the Euskaltel business"
At the start of December, Zegona announced that its 20% stake in Spanish telecommunications provider Euskaltel SA, based on the Euskaltel share price, was worth GBP1.41 per Zegona share, well above Zegona's own share price at the time of 96 pence. Zegona shares were trading flat on Tuesday at 109.50p.
Garcia is the newly appointed CEO of Euskaltel.
By Tom Waite; [email protected]
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