3 Aug 2017 12:00
Naspers Limited
(Incorporated in the Republic of South Africa)Registration number: 1925/001431/06Share code: NPN
ISIN: ZAE000015889
("Naspers")
COMPETITION TRIBUNAL APPROVAL - MEDIA24: NOVUS MERGER
Naspers shareholders are referred to the SENS announcement released on 3 April 2017 in which they were advised that the Competition Commission had recommended Media24 Proprietary Limited's ("Media24") merger filing concerning Novus Holdings Limited ("Novus") ("Merger Filing") to the Competition Tribunal for approval. The Merger Filing includes a condition that Media24 divest itself of the majority of its shareholding in Novus whilst permitting Media24 to retain a non-controlling minority stake in Novus of 19% ("Merger Condition").
On 3 August 2017 ("Approval Date"), the Competition Tribunal approved the Merger Filing, including the Merger Condition. Accordingly, Media24 is now required to unbundle the majority of its shareholding in Novus to Naspers, its ultimate holding company, and thereafter to Naspers's shareholders ("Unbundling").
In terms of the Merger Condition, Media24 is required:
§ within 20 business days from the Approval Date, to lodge any amendments required to its Memorandum of Incorporation ("MOI") to give effect to the Unbundling with the Companies and Intellectual Property Commission ("CIPC"); and
§ within 40 business days after the amended MOI has been approved by CIPC, to implement the Unbundling.
Cape Town
3 August 2017
Sponsor
Investec Bank Limited