Zegona Communications (ZEG.L) announced on Thursday plans to return € 1.6 billion to shareholders, following proceeds of €1.8 billion from its recent FibreCo transactions. The company will use the remaining 200 million euros to reduce its debt.
The proposal includes a special dividend of 1.4 billion euros, equivalent to approximately 1.62 pounds per share, and a 200 million euros share buyback. The special dividend will give EJLSHM Funding 975 million euros to fully settle Vodafone-related financing, triggering the cancellation of 523 million Zegona shares and shrinking the share count by 69%. Remaining shareholders will receive 440 million euros, also worth 1.62 pounds per share.
The company will allocate another 200 million euros to reduce net debt to 3.4 billion euros.
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