| Wed 28 Nov 2007, 8:12 | | TKG - Telkom SA Limited - Withdrawal of cautionary |
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TKG
TKG
TKG - Telkom SA Limited - Withdrawal of cautionary announcement
Telkom SA Limited
(Registration number: 1991/005476/06)
(ISIN number: ZAE000044897)
JSE and NYSE share code: TKG
("Telkom" or "the Company")
Withdrawal of Cautionary Announcement
Shareholders are referred to the cautionary announcements dated 3 September and
11 October 2007 in which Telkom announced that it was in discussions with MTN
Group Limited ("MTN") and Vodafone Group Plc ("Vodafone") relating to its mobile
strategy review.
The discussions involved, inter alia, the combination of certain or all of
Telkom`s fixed line businesses with MTN. After detailed investigations into the
strategic, operational and regulatory aspects of such a transaction, the parties
were unable to conclude a transaction in the best interests of their respective
shareholders. This decision was driven primarily by matters related to the
anticipated costs and benefits of the implementation of the transaction.
As discussions with Vodafone regarding Telkom`s investment in Vodacom were
subject to agreement being reached with MTN, Telkom shareholders are advised
that discussions with both MTN and Vodafone have been terminated and that
caution is no longer required to be exercised by shareholders when dealing in
the Company`s securities.
While certain expressions of interest were received from other parties
concurrent with the above process, no discussions are currently taking place.
Driven by the imperative to enhance shareholder value, the Board of Telkom will
continue to pursue all options to enhance the Company`s strategic positioning
and service delivery in the converging fixed-mobile telecommunications industry.
28 November, 2007
Pretoria
Transaction Sponsor: JPMorgan Equities Ltd
Special Note Regarding Forward-Looking Statements
Many of the statements included in this announcement constitute or are based on
forward looking statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995, specifically Section 27A of the U.S. Securities
Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of
1934, as amended. All statements, other than statements of historical facts,
including, among others, statements regarding our future financial position and
plans, strategies, objectives, capital expenditures, projected costs and
anticipated cost savings and financing plans, as well as projected levels of
growth in the communications market, are forward looking statements. Forward
looking statements can generally be identified by the use of terminology such as
"may", "will", "should", "expect", "envisage", "intend", "plan", "project",
"estimate", "anticipate", "believe", "hope", "can", "is designed to" or similar
phrases, although the absence of such words does not necessarily mean that a
statement is not forward looking. These forward looking statements involve a
number of known and unknown risks, uncertainties and other factors that could
cause our actual results and outcomes to be materially different from historical
results or from any future results expressed or implied by such forward looking
statements. We caution you not to place undue reliance on these forward looking
statements. All written and oral forward looking statements attributable to us,
or persons acting on our behalf, are qualified in their entirety by these
cautionary statements. Moreover, unless we are required by law to update these
statements, we will not necessarily update any of these statements after the
date of our most recent annual report on Form 20-F filed with the US Securities
and Exchange Commission (SEC), either to conform them to actual results or to
changes in our expectations.
Telkom SA Limited filed an annual report on Form 20-F with the US SEC, for the
year ended March 31, 2007 on July, 17, 2007. This annual report includes a
detailed description of risk factors that may affect its business. For further
information you should refer to the Form 20-F and other filings with the US SEC,
which are available on Telkom`s investor relations website at
www.telkom.co.za/ir.
File name: Telkom - Withdrawal of cautionary 28 Nov 07.doc
Date: 28/11/2007 08:12:37 Produced by the JSE SENS Department.
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