Zegona to buy back 10 million sterling of shares to boost underlying asset value
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LONDON (Reuters) - Zegona Communications , a telecoms investment firm that owns a stake in Spain's Euskaltel , said it would buy back 10 million pounds worth of its shares, which trade at a discount to the value of its investments and cash.Zegona said in December its stake in Euskaltel and net cash position had a value of 1.41 pounds per share, whereas the stock currently trades around 1.09 pounds. It has around a 21% direct stake in Euskaltel, according to Refinitiv data."The buyback is..