Vistance Networks, Inc.

• LVS Advisory Q2 2026 ↗ Vistance Networks is presented as a debt-free telecom-infrastructure remainco whose asset sales and special dividends leave a cash-generative business trading at a low multiple, with a further sale considered likely. Hikari Tsushin is framed as a Japanese capital allocator whose disciplined reinvestment, lean operations and insider ownership support a discounted conglomerate valuation. first half of 2026 HKTGF $10BVISN $1.4B
• Alluvial Capital Management Q2 2026 Letter to Limited Partners ↗ Alluvial Fund added to Zegona Communications after trimming the position to control concentration, arguing that its telecom turnaround, refinancing and future capital returns remain undervalued. The fund plans to fully exercise McDermott International rights, viewing the financing as a balance-sheet repair that enables larger contract bids. It also retained long-term holdings while trading Talen Energy options around AI-driven volatility. Second Quarter 2026 ZEG $5.3BDGXX $342MDIG $437M +7

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