euNetworks Group Limited (SGX:5VT.SI), 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.
About euNetworks
euNetworks Group Limited (SGX:5VT.SI) is a bandwidth infrastructure provider, owning and operating 13 fibre based metropolitan networks across Europe connected with a high capacity intercity backbone covering 38 cities in 9 countries. The Company offers a portfolio of metropolitan and long haul services including Colocation, Dark Fibre, Metro Wavelengths, Wavelengths, Ethernet, and Internet. Enterprise and carrier customers benefit from euNetworks’ unique inventory of fibre and duct based assets that are tailored to fulfil their high bandwidth needs.
euNetworks Group Limited is headquartered in London and publicly listed on the Singapore Stock Exchange. For further information please visit www.eunetworks.com.
