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| Mon 23 Jun 2025, 17:06 | | MTN - specific repurchases |
| View SENS |
MTN Group shareholders (Shareholders) were referred to the joint announcement by the Company and MTN Zakhele Futhi (RF) Ltd. (MTNZF), released on the Stock Exchange News Service (SENS) of the JSE Ltd. on Tuesday, 12 November 2024, confirming the extension of the scheduled maturity date of the 2016 MTN Group broad-based black economic empowerment scheme operated through MTNZF (Scheme) by up to three years, from 23 November 2024 to 23 November 2027.
As set out in the circular to Shareholders dated 13 September 2024, a key purpose of the extension was to extend the opportunity for MTNZF to fully or partially unwind the Scheme during the extension, and in doing so fully or partially settle the preference share funding and the notional vendor funding (NVF) from MTN Group. In line with this purpose, MTNZF is implementing a full unwind of the Scheme and is settling the NVF in full, as further detailed below.
Full early unwind of the Scheme
MTNZF implemented an accelerated bookbuild offering, the results of which were announced by MTNZF on SENS on Thursday, 12 June 2025. As a result of the accelerated bookbuild offering, MTNZF sold 23 768 040 MTN Group shares, reducing MTNZF's shareholding from approximately 4% of MTN Group's issued share capital to approximately 2.74% of MTN Group's issued share capital. MTN Group's issued number of shares in terms of International Financial Reporting Standards (IFRS) Accounting Standards increased by 23 768 040 shares as a result of this offering.
Shareholders were advised that pursuant to:
• the specific authorities requested in the circulars to Shareholders dated 6 September 2016 and 13 September 2024 and provided by Shareholders at the general meetings held on 7 October 2016 and 14 October 2024;
• a request from MTNZF to approve the full early unwind of the Scheme, including an offer by MTNZF of the early settlement, in full, of the NVF provided by MTN Group; and
• the terms of the MTN Group 2016 Tranche 1 Subscription and Call Option Agreement entered into between MTN Group and MTNZF on or about 21 August 2016, as amended, pursuant to which the NVF was advanced to MTNZF (NVF Agreement),
and as a component part of the unwind of the Scheme, MTN Group will repurchase 50 590 890 MTN Group shares (Repurchase Shares) (representing approximately 2.68% of MTN Group's issued ordinary share capital) from MTNZF at a price of R0.0001 per share (Repurchase Consideration). The repurchase of the Repurchase Shares fully settles the outstanding balance of the NVF of R6 431 212 603. As provided for in the NVF Agreement, the number of Repurchase Shares was determined by dividing the NVF balance by the 30-day VWAP of an MTN Group share as at close of trading on Friday, 20 June 2025, being the business day immediately before the date on which MTN Group purchases the Repurchase Shares. MTNZF is not a related party to MTN Group.
The Repurchases will be implemented on Wednesday, 25 June 2025 and the Repurchase Shares will be cancelled and delisted on or about Friday, 27 June 2025. |
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