What you need to know about the new direct marketing guidance note
Nadine Mather and Chloë Loubser
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M-Net, Media24 extend share offer
Nolo Letele, CEO of MultiChoice South Africa, announced earlier this week that "due to a very positive response to MultiChoice's black economic empowerment initiative, Phuthuma Nathi, and following requests from numerous people who wish to apply for shares, we have extended the closing date of the offer by one week to Friday 3 November 2006."
Mandla Langa, chairman of Phuthuma Nathi, remarked "We recognised that this is a pioneering scheme. Some black gGroups interested in participating in the scheme were experiencing difficulties in complying with the timeframes within which to submit their Initial BEE Ownership Certificate of Compliance, so we have also adjusted the Compliance Certificate requirements to assist them to make their applications on time."
In a similar announcement, Hein Brand, CEO of Media24, who launched its own BEE scheme at the end of September, echoed Letele: "We have had an overwhelming response to the Welkom Yizani offer. To give as many people as possible the opportunity to invest, we decided to extend the closing date and adjust the Compliance Certificate requirements."
The Phuthuma Nathi and Welkom Yizani public offers of shares, will allow eligible black people and black groups to acquire an indirect stake in MultiChoice South Africa and Media24, respectively. Both offers will now close on 3 November 2006.
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