MTN GROUP LIMITED - ANNOUNCEMENT TO SHAREHOLDERS
MTN GROUP LIMITED
("MTN Group" or "the Company")
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
Share code: MTN
ISIN ZAE000042164
ANNOUNCEMENT TO SHAREHOLDERS
Shareholders are referred to the announcement by Newshelf 664 (Proprietary)
Limited ("Newshelf") dated 20 December 2002 regarding the acquisition by
Newshelf of approximately 18.7% of the issued share capital of the Company ("the
Acquisition") as well as the announcement by the Company dated 11 April 2003
detailing the participation by MTN Group executive directors at the time in the
economic benefit attaching to the participating redeemable preference share
("the B participating pref share") issued by Newshelf to the Public Investment
Commissioner ("PIC") as part of the funding arrangements of the Acquisition.
Mr P L Zim, a MTN Group executive director, resigned as a director and executive
of the Company effective 30 September 2003. His participation in such B
participating pref share acquired by him for a consideration of R 921 125 was
offered, in terms of pre-emptive rights and subject to the approval by the PIC,
to and accepted by the remaining MTN executive directors namely Mr P F Nhleko,
Ms I Charnley, Mr R S Dabengwa and Mr R D Nisbet for a total value of R 1 010
626 as follows:
PF Nhleko R 325 942
I Charnley R 228 228
RS Dabengwa R 228 228
RD Nisbet R 228 228
Total R 1 010 626
The B participating pref share entitles its holder to participate in a portion
of any surplus in Newshelf on the winding up of Newshelf once all amounts owing
to various funders have been settled.
The directors will not acquire any direct or indirect, beneficial or non-
beneficial interest in the MTN Group shares acquired by Newshelf as a result of
exercising the option.
Johannesburg
26 September 2003
Sponsor
Merrill Lynch South Africa
Date: 26/09/2003 04:09:52 PM Produced by the JSE SENS Department
|