{"id":188593,"date":"2017-07-27T17:38:34","date_gmt":"2017-07-27T15:38:34","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=188593"},"modified":"2017-07-27T17:38:34","modified_gmt":"2017-07-27T15:38:34","slug":"blue-label-gets-shareholder-approval-for-cell-c-recapitalisation","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/telecommunications\/188593\/blue-label-gets-shareholder-approval-for-cell-c-recapitalisation\/","title":{"rendered":"Blue Label gets shareholder approval for Cell C recapitalisation"},"content":{"rendered":"<p>JSE-listed Blue Label says it has received approval by majority of its shareholders for the recapitalisation of mobile operator, Cell C, and its a<span class=\"monosp1\">cquisition of 3G Mobile.<\/span><\/p>\n<p>The matter relates to the conclusion of a binding umbrella restructure agreement for the recapitalisation of Cell C, by Blue Label, which was subject to the conclusion of the relevant transaction agreements.<\/p>\n<p>&#8220;All the resolutions set out in the notice and proposed at the meeting were passed without modification by the requisite majority of shareholders,&#8221; the group said, following the conclusion of a general meeting on Wednesday.<\/p>\n<p>&#8220;Closing of the Cell C recapitalisation is anticipated to commence on Tuesday, 1 August 2017, and as a result, Cell C\u2019s net borrowings will be reduced to a maximum of R6 billion, and the Cell C recapitalisation will be complete,&#8221; it said.<\/p>\n<p>Blue Label said it will undertake the Cell C Vendor Consideration Placement by placing 183,333,333 authorised but unissued Blue Label shares with committed third party investors at a price of R15.00 per Blue Label share, so as to raise R2.75 billion.<\/p>\n<p>This will be used to part fund the participation by Blue Label, through its wholly-owned subsidiary The Prepaid Company, in the Cell C recapitalisation.<\/p>\n<p>Further, Blue Label said that following the general meeting, the initial acquisition by Blue Label through its wholly-owned subsidiary, The Prepaid Company, of 47.37% of the issued share capital of 3G is anticipated to close on Friday, 28 July 2017.<\/p>\n<p>&#8220;As a result, Blue Label will undertake the 3G Aacquisition issue by issuing 16,666,666 authorised but unissued Blue Label shares to the shareholders of 3G at a price of R15.00 per Blue Label share, as R250 million part payment towards the 3G purchase consideration,&#8221; it said.<\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/telecommunications\/181935\/blue-label-to-purchase-3g-mobile-for-r1-9-billion\/\" target=\"_blank\" rel=\"noopener\">Blue Label to purchase 3G Mobile for R1.9 billion<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>JSE-listed Blue Label says it has received approval by majority of its shareholders for the recapitalisation of mobile operator, Cell C, and its acquisition of 3G.<\/p>\n","protected":false},"author":10,"featured_media":181969,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[6064],"class_list":["post-188593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecommunications","tag-blue-label"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/188593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=188593"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/188593\/revisions"}],"predecessor-version":[{"id":188613,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/188593\/revisions\/188613"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/181969"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=188593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=188593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=188593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}