Company repurchased 12,932,000 shares at a price of S$0.60 cents per share.
London, UNITED KINGDOM – 11 October 2013 – euNetworks Group Limited, a unique Western European bandwidth infrastructure provider, today announced the repurchase of 12,932,000 shares at a price of S$0.60 per share for a total of approximately €4.6 million.
“As part of our on-going review of opportunities to build long-term shareholder value, the Board considered this repurchase opportunity and agreed to proceed opportunistically,” said Brady Rafuse, Chief Executive Officer of euNetworks.
“Our healthy cash position enables the company to focus on long-term value creation via organic growth and acquisitions or dividend payments if such growth opportunities do not exist. At this time, however, we believe that euNetworks’ current market value does not fully reflect the intrinsic value of this business and with these shares available, deemed this repurchase appropriate and beneficial,” added Mr. Rafuse.
euNetworks is a bandwidth infrastructure company, owning and operating 17 fibre based metropolitan networks connected with a high capacity intercity backbone covering 53 cities in 17 countries. The company leads the market in data centre connectivity, directly connecting over 510 today. euNetworks is also a leading cloud connectivity provider, directly connecting to all key cloud platforms with access to additional platforms. The company offers a targeted portfolio of metropolitan and long haul services including Dark Fibre, Wavelengths, and Ethernet. Wholesale, finance, content, media, data centre and enterprise customers benefit from euNetworks’ unique inventory of fibre and duct based assets that are tailored to fulfil their high bandwidth needs.