Company will consolidate each fifty existing shares into one ordinary share.
London, UNITED KINGDOM – 9 May 2013 – euNetworks Group Limited, today announced that it is proceeding with a 50-to-1 share consolidation following the proposal by the Company made on 2 April 2013 and approved by shareholders at an Extraordinary General Meeting held on 24 April 2013. The share consolidation will reduce the number of shares in issue from 22,568,636,177 to 451,372,723. The Book Closure Date for the share consolidation will be 30 May 2013, and the consolidation will be effective the following day.
“euNetworks is an infrastructure based telecoms business which has demonstrated consistent quarter-on-quarter adjusted EBITDA growth. Despite our healthy performance and relative company size, certain institutional investors are unable to participate in our long-term outlook,” said Brady Rafuse, Chief Executive Officer of euNetworks. “We believe the volatility of our share price as a ‘penny stock’ limits the potential for stability and growth in shareholder value. This share consolidation is one step available to us to improve our overall capital structure and we thank our shareholders for their support through this process.”
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 480 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.