MTN
MTN
MTN - MTN Group Limited - Report on proceedings at general meeting
MTN Group Limited
(Incorporated in the Republic of South Africa)
Registration number 1994/009584/06
Share code: MTN ISIN: ZAE000042164
("MTN")
REPORT ON PROCEEDINGS AT GENERAL MEETING
Shareholders are referred to the announcement released on the Securities
Exchange News Service on Thursday, 15 July 2010 and in the press on Friday, 16
July 2010 and the circular to shareholders dated Wednesday, 28 July 2010 (the
"Circular") relating to MTN`s proposed R8.1 billion broad-based black economic
empowerment ("BEE") transaction ("MTN BEE Transaction") and employee share
ownership plan ("ESOP").
At the general meeting of shareholders held today, Friday, 20 August 2010 (the
"Meeting"), the ordinary and special resolutions proposed at the Meeting,
details of which were contained in the Circular, were approved by the requisite
majority of votes. The special resolutions will be lodged for registration with
the Companies and Intellectual Property Registration Office in due course.
The implementation of the MTN BEE Transaction remains conditional upon the
fulfilment or waiver (where applicable) by 30 November 2010 of the conditions in
the relevant transaction agreements, as set out in the Circular.
Although the ESOP is not conditional on the MTN BEE Transaction, and will be
implemented on a date to be set by the MTN Board, it is proposed to implement
the ESOP at the same time that the MTN BEE Transaction is implemented.
Fairland
20 August 2010
Merchant bank and transaction sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Independent lead sponsor
Deutsche Securities (SA) (Pty) Limited
Joint reporting accountants
PricewaterhouseCoopers Inc.
SizweNtsaluba VSP Inc.
Legal and tax adviser
Webber Wentzel Attorneys
Independent expert
KPMG Services (Proprietary) Limited
Date: 20/08/2010 15:43:01 Produced by the JSE SENS Department.
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