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Media24 announces BEE share scheme revision

24 Sep 2009

Media24 announced on Wednesday 23 September 2009 that to, assist Welkom Yizani BEE shareholders, Naspers will reduce the debt by some R330 million, while the minimum investment period will be extended by two years.

A task team has been assigned to develop an assistance plan by revising the terms of the share scheme. This follows the decline in the global economy that has had a severe impact on the media industry.

“The original offer price was R50 per share, of which shareholders invested only R10 per share. Naspers Limited financed the balance, to be repaid over 10 years,” said Francois Groepe, Media24 CEO.

Oversubscribed

At the time of the scheme's introduction in September 2006, the BEE offering was considered the largest of its kind in South Africa's print media industry. The offer was oversubscribed, resulting in a maximum investment of 430 shares per individual. Today, the scheme has over 107 000 shareholders.

“Media24 wants to be proactive in assisting the shareholders as they are important to us and we believe it is our responsibility to assist them in the current economic environment. The actions that we intend taking will help ensure that shareholders have a fair chance of making money when the scheme matures,” said Groepe.

A general meeting of all Welkom Yizani shareholders will be held to approve the assistance plan. A circular to shareholders on the proposed plan will be distributed in November.