MTN
MTN
MTN - MTN Group - Final Unwind Of Hedge Transaction By Newshelf 664
(Proprietary) Limited ("Newshelf") Resulting In MTN Directors Indirect
Dealing
MTN Group Limited
Registration number 1994/009584/06
Share code: MTN
ISIN: ZAE000042164
("MTN")
FINAL UNWIND OF HEDGE TRANSACTION BY NEWSHELF 664 (PROPRIETARY) LIMITED
("NEWSHELF") RESULTING IN MTN DIRECTORS INDIRECT DEALING
Shareholders are referred to the disclosure made by MTN on 2 March 2007
regarding Newshelf and its shareholding in MTN. In that announcement
shareholders were reminded that in terms of the agreements for the funding of
Newshelf entered into in 2003, Newshelf was obliged to enter into a hedging
transaction in respect of 65.5 million MTN shares. These MTN shares were also
the subject of a scrip lending arrangement. This hedging transaction and scrip
lending arrangement has been naturally unwound in accordance with the agreement
entered into in 2003 ("the Hedge Unwind). The Hedge Unwind was completed through
a final disposal of 64.5 million MTN shares today ("the Final Hedge Unwind").
Shareholders should note that these are derivative transactions that will not
have an impact on the price at which the MTN share trades.
The entire issued ordinary share capital of Newshelf is held by the Alpine
Trust. PF Nhleko, RD Nisbet, RS Dabengwa and I Charnley are directors of
Newshelf and PF Nhleko and I Charnley are amongst others, trustees of the Alpine
Trust. The beneficiaries of the Alpine Trust are the management and employees
of MTN including all the executive directors of MTN as well as some of the
directors of MTN`s major subsidiaries, and as such, have an indirect, beneficial
interest in the MTN shares held by Newshelf which are being disposed of, as part
of the Final Hedge Unwind.
Following the Final Hedge Unwind, Newshelf continues to hold a direct beneficial
interest in 243.5 million MTN shares with full voting rights.
Fairlands
29 June 2007
Sponsor to MTN
Merrill Lynch South Africa (Proprietary) Limited
Date: 29/06/2007 17:57:58 Produced by the JSE SENS Department. |