Purchase of an 18.7% shareholding in MTN Group by Newshelf 664 and further
cautionary announcement
MTN GROUP LIMITED
(formerly M-CELL LIMITED)
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
(Share code MTN ISIN ZAE000042164)
("MTN Group" or "the company")
Purchase of an 18.7% shareholding in MTN Group ("the Purchase") by Newshelf 664
(Proprietary) Limited ("the Purchaser") and further cautionary announcement
Further to the cautionary announcements dated 26 November 2002 and 5 December
2002 the company has been informed by the Purchaser, which is a company whose
ordinary shares will be indirectly held predominantly for the benefit of staff
who are currently beneficiaries of the MTN Group share trust, that a sale
agreement has been signed, and the purchase is now subject only to the
fulfilment of certain conditions precedent.
Having regard to the company`s corporate governance procedures, an independent
committee of directors of the company ("the independent committee") was
established to assess the impact of the Purchase on the company and its
subsidiaries. The independent committee is satisfied that, subject to final
review of the sale agreement and other relevant documentation, it is not forseen
that the Purchase will have an adverse impact on the company and its
subsidiaries.
Shareholders are accordingly advised to continue to exercise caution when
dealing in their MTN Group shares until the company announces that it has been
advised that the remaining conditions precedent to the Purchase have been
fulfilled.
Sandton
9 December 2002
Financial Adviser to Investment bank to the Sponsor
Independent Directors purchaser
of MTN Group
Deloitte & Touche Nedcor Investment Bank Merrill Lynch
Corporate Finance Limited South Africa
(Pty) Limited
Legal adviser to Legal adviser to the
Independent Directors purchaser
of MTN Group
Werksmans Edward Nathan and
Friedland (Pty)
Limited
Date: 09/12/2002 04:59:00 PM Produced by the JSE SENS Department
|