NPN/NPSN - Naspers - Disposal of NetMed N.V. and c
NPN
NPN
NPN/NPSN - Naspers - Disposal of NetMed N.V. and cautionary announcement
Naspers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/001431/06)
JSE share code: NPN ISIN: ZAE000015889
LSE ADS code: NPSN ISIN: US 6315121003
("Naspers" or "the company")
Disposal of NetMed N.V. and cautionary announcement
1. Introduction
On 31 October 2007 Naspers advised that, following a review of its strategic
investment priorities, it had initiated a formal process to explore the sale
of its Greek and Cypriot pay-TV operations ("NetMed").
Myriad International Holdings B.V., an indirect wholly owned subsidiary of
Naspers, has now entered into conditional sale agreements (the "agreements")
for the disposal of NetMed to Forthnet SA ("Forthnet"), a leading Greek
telecommunication company. The agreements place an enterprise value on NetMed
of EUR490 million (US$760 million).
2. Transaction conditions and cautionary
The completion of the transaction is subject to a number of conditions,
including the approval by Forthnet`s shareholders of a rights issue to partly
fund the acquisition of NetMed. In addition, Forthnet will be required to
raise debt funding. The transaction is subject to the risks typical of such
capital raising.
Once the majority of the conditions are met and the financial effects of the
transaction can be determined, the appropriate announcement will be made by
Naspers. It is anticipated that this transaction will be a category 2
transaction in terms of the JSE Limited Listings Requirements.
Shareholders are therefore advised that the company has entered into
agreements, which may have a material effect on the price of the company`s
securities. Accordingly, shareholders are advised to exercise caution when
dealing in the company`s securities until a further announcement is made.
Cape Town
15 April 2008
Sponsor
Investec Bank Limited
(Registration number 1969/004763/06)
Date: 15/04/2008 09:00:01 Produced by the JSE SENS Department.
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