MANAGEMENT INCREASES SHAREHOLDING IN ZEGONA TO 29%

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a)	Name	Eamonn O'Hare
2.	Reason for the Notification
a)	Position/status	Chairman and Chief Operating Officer
b)	Initial notification/ Amendment	Initial
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Zegona Communications plc
b)	LEI	213800ASI1VZL2ED4S65
4.	Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 1 pence each
	Identification code	ZEG
b)	Nature of the transaction	Share subscription
c)	Price(s) and volume(s)	Price		Volume
		£1 .438		564,571
d)	Aggregated information Aggregated volume	Aggregate Price	Aggregate Volume		Aggregate total
		£1.438	564,571		811,853.10
e)	Date of the transaction	9 November 2022
f)	Place of the transaction	London Stock Exchange (XLON)

a)	Name	Robert Samuelson
2.	Reason for the Notification
a)	Position/status	Chief Operating Officer
b)	Initial notification/ Amendment	Initial
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Zegona Communications plc
b)	LEI	213800ASI1VZL2ED4S65
4.	Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 1 pence each
	Identification code	ZEG
b)	Nature of the transaction	Share subscription
c)	Price(s) and volume(s)	Price		Volume
		£1 .438		282,286
d)	Aggregated information Aggregated volume	Aggregate Price	Aggregate Volume		Aggregate total
		£1.438	282,286		405,927.27
e)	Date of the transaction	9 November 2022
f)	Place of the transaction	London Stock Exchange (XLON)

Companies

UK 100

Latest directors dealings

1.	Euskaltel is, a Spanish telecommunications company incorporated in Spain and operating in the Basque Country, Asturias and Galicia under regional brands and nationally under the Virgin telco brand. At the time, Zegona owned 21.44% of Euskaltel and was its largest shareholder.
2.	Euskaltel multiples based on its Enterprise Value divided by its reported 2020 EBITDA (as defined by Euskaltel) of €342.8 million and reported 2020 Operating Cash Flow (as defined by Euskaltel as EBITDA-Capex) of €164.5 million. Comparable European Cable company multiples of 6.7x 2020 EBITDA and 13.3x 2020 Operating Cash Flow (Source: Citigroup).
3.	Being the adjusted Net Asset Value per share of Zegona on 14 October 2021 of £1.438, which was calculated, with no provisions being made for any potential value being received from the non-current tax receivable (as disclosed in Zegona's Annual Report for the year ended December 31, 2021) and no provisions for the termination costs of any contracts or other future potential liabilities
4.	Being a total of 846,857 Ordinary Shares.
5.	17.98%
6.	Details of dealings by Persons Discharging Managerial Responsibility are provided in the Annex below. It is expected that the new ordinary shares will be admitted to trading at 8am on 15 November 2022. Upon admission, Zegona's total voting rights will be 6,172,424.