MTN Group Limited - Update on Cautionary Announcement 18 April 2005
MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
(ISIN code ZAE000042164)
(Share code MTN)
(`MTN`)
UPDATE ON CAUTIONARY ANNOUNCEMENT 18 APRIL 2005
Further to our announcement dated 18 April 2005 and with reference to various
statements in the media regarding the Court proceedings relating to dealings
between MTN and Celtel International B.V. (`Celtel`), MTN hereby wishes to
clarify certain matters:
1. In respect of the Court proceedings:
a.On 29 March 2005, the Celtel Board announced that it had agreed the terms of
an offer with MTC.
b. MTN made an application for an order for disclosure of documents and
information in the English High Court. This application was heard by the Cour
on 18 April 2005.
c. The Court ordered Celtel and its Chairman Dr Ibrahim to disclose to MTN
certain documents and information, including the irrevocable undertakings signed
by Celtel shareholders in respect of an offer by MTN and the terms on which such
undertakings were held.
d. Such documents and information were being disclosed to MTN up to (and
including) yesterday.
e. MTN is reviewing the documents and information disclosed and is considering
what further action is necessary or advisable.
2. The court order prevents MTN from disclosing the contents of the
documentation and information which Celtel has been ordered to disclose. MTN
disagrees with certain of the statements which have been publically
attributed to Celtel in relation to this matter.
3. There can be no assurance as to the outcomes of any proceedings or any other
actions that MTN may decide to take. Certain outcomes could have a material
effect on the price at which MTN securities trade. Accordingly, shareholders
are advised to exercise caution when dealing in MTN securities until a
further announcement is made.
Johannesburg
22 April 2005
Transaction and lead sponsor
Morgan Stanley South Africa (Proprietary) Limited
Joint sponsor
Merrill Lynch South Africa
For enquiries, please contact:
Monika Steinlechner, investor relations
Tel: +27 83 212 5710
Date: 22/04/2005 05:51:04 PM
Produced by the JSE SENS Department |