MTN
MTN
MTN - MTN Group - Further Announcement Relating To The Proposed Acquisition Of
Newshelf 664 (Proprietary) Limited And MTN`s Proposed Black Economic
Empowerment Transaction
MTN Group Limited
(Incorporated in the Republic of South Africa)
Registration number 1994/009584/06
Share code: MTN & ISIN: ZAE000042164
("MTN" or "the Company")
FURTHER ANNOUNCEMENT RELATING TO THE PROPOSED ACQUISITION OF NEWSHELF 664
(PROPRIETARY) LIMITED AND MTN`S PROPOSED BLACK ECONOMIC EMPOWERMENT TRANSACTION
In an announcement dated 15 December 2008, published on SENS and in the press,
MTN shareholders were advised that MTN and Public Investment Corporation Limited
("PIC") had entered into a memorandum of understanding ("MOU") recording the
salient terms and conditions for the acquisition of Newshelf 664 (Proprietary)
Limited by MTN from PIC and related matters ("Newshelf Acquisition") and that
MTN planned to implement a new Black Economic Empowerment transaction ("BEE
Transaction") during the first half of 2009.
MTN shareholders are advised that, in light of the severe constraints in current
financial markets, the board of directors of MTN ("Board") has determined that
it is presently not in the best interests of the Company, its shareholders and
the BEE investors to implement the proposed BEE Transaction during the first
half of 2009 as originally planned. The Board remains fully committed to
implementing the BEE Transaction at the appropriate time.
The Board believes that it remains in the best interests of MTN to implement the
Newshelf Acquisition and, subject to concluding the relevant agreements, will be
tabling the transaction for shareholder approval as soon as practicable. The
legal agreements necessary to implement the Newshelf Acquisition are in the
process of being finalised and a further announcement containing the final terms
of the Newshelf Acquisition will be made, and circular to shareholders posted,
in due course.
Fairland
17 February 2009
Merchant bank and transaction sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Legal and tax adviser
Webber Wentzel
Legal adviser to MTN`s independent directors
Werksmans Attorneys
Joint reporting accountants and auditors
PricewaterhouseCoopers Inc.
SizweNtsaluba VSP
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 18/02/2009 07:05:04 Produced by the JSE SENS Department.
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