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MTNZF - special distribution finalisation
MTNZF announced that it has obtained confirmation that exchange control approval for the declaration and payment of the Special Distribution from the Financial Surveillance Department of the South African Reserve Bank is not required and, accordingly, this condition is no longer applicable and the Special Distribution is unconditional.
The salient dates and times applicable to the Special Distribution therefore remain unchanged from those communicated by the Company in the Declaration Announcement, as repeated below for ease of reference:
Further update on the MTNZF scheme
Following the payment of the Special Distribution, the board of MTNZF ("Board") will determine the best method to finalise the unwind of the scheme and return the residual Net Asset Value ("NAV") of MTNZF, which is currently expected to be approximately between R246.8 million and R370.3 million and translates to R2.00 to R3.00 per MTNZF ordinary share (based on 123 416 826 MTNZF ordinary shares in issue).
Shareholders should be mindful of the ongoing unwind process when dealing in MTNZF's ordinary shares as this process will result in MTNZF becoming a cash shell in the short term, which will fundamentally alter the basis for its valuation. MTNZF will update Shareholders as more information becomes available.
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