MTN may launch alternative BEE deal
MTN says it may launch an alternative BEE deal when its current black economic empowerment (BEE) scheme closes in November.
Investors in MTN Zakhele have been offered three options after the upcoming maturity of the current BEE share scheme.
Option 1
This will include a cash settlement equivalent to the value of their MTN Zakhele ordinary shares at the time (after taking into account the unwinding costs and associated taxes).
Option 2
This will include a combination of MTN Group Limited shares and a cash settlement equivalent to the value of their MTN Zakhele ordinary shares at the time (after taking into account the unwinding costs and associated taxes).
MTN said that at this current stage it is still envisaged that, either Option 1 or 2 or both such Options will be made available to the holders of MTN Zakhele ordinary shares.
In addition, a third option may also be made available if so decided on and approved by MTN Group and its shareholders, the mobile operator said.
Option 3
“MTN Group Limited continues to evaluate alternatives for a new Black Economic Empowerment (“BEE”) share scheme that may come into effect on the expiry of the MTN Zakhele share scheme in November 2016,” the operator said.
“As part of this new scheme, it is possible, although not yet certain, that holders of MTN Zakhele ordinary shares at the time will be granted the opportunity of a partial re-investment into the new BEE share scheme on terms yet to be determined,” MTN said.
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