3 Apr 2017 11:06
Naspers Limited ("Naspers")
(Incorporated in the Republic of South Africa)Registration number: 1925/001431/06Share code: NPN
ISIN: ZAE000015889
UPDATE ON MEDIA24 PROPRIETARY LIMITED ("MEDIA24") COMPETITION APPEAL COURT RULING ANNOUNCEMENT
Naspers shareholders ("Shareholders") are referred to the announcement released by Novus Holdings Limited ("Novus") on SENS on 26 November 2015 in terms of which Novus shareholders were advised that the Competition Appeal Court on 25 November 2015 upheld an appeal by Caxton and CTP Publishers and Printers Limited ("the Appeal"). In terms of the Appeal, Media24 was required to notify the Competition Authorities of a change of control, which arose from the implementation of the restated management agreement dated 23 February 2015 ("Merger Filing"). The Merger Filing was filed with the Competition Commission in February 2016.
The Competition Commission has decided to recommend the Merger Filing for approval to the Competition Tribunal subject to the condition that Media24 divest itself of the majority of its shareholding in Novus; permitting Media24 to retain a non-controlling minority stake in Novus of 19% ("Merger Condition"). The Merger Condition, including the proposed 19%, remains subject to the final approval of the Competition Tribunal. If the Competition Tribunal approves the Merger Condition, Media24 will unbundle the majority of its shareholding in Novus to the Shareholders of Naspers, its ultimate holding company ("Unbundling"). The Unbundling will be implemented as soon as reasonably possible after the approval date.
Naspers will provide further details of the Unbundling to Shareholders at the appropriate time.
Cape Town
3 April 2017
Sponsor
Investec Bank Limited