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TKG
TKG
TKG - Telkom SA Limited - Announcement regarding a Potential Strategic
Venture with KT Corporation ("KT") and further cautionary announcement
Telkom SA Limited
(Registration number 1991/005476/06)
JSE share code: TKG
ISIN: ZAE000044897
("Telkom" or the "Company")
ANNOUNCEMENT REGARDING A POTENTIAL STRATEGIC VENTURE WITH KT CORPORATION
("KT") AND FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcements dated 14 October
2011 and 21 November 2011 regarding a potential strategic venture
("Potential Strategic Venture") between Telkom and KT (collectively "the
Companies"). Telkom is pleased to advise shareholders that the Companies
have entered into a memorandum of understanding ("MOU") relating to the
Potential Strategic Venture.
The MOU provides for an exclusive period of engagement and information
exchange to enable the Companies to confirm the areas of mutual strategic
and business cooperation and envisaged benefits of the Potential Strategic
Venture ("Diagnostic Review"). The Diagnostic Review will commence
immediately and Telkom will update shareholders in six weeks when the
cautionary announcement is renewed.
In addition to the successful completion of the Diagnostic Review, the
Potential Strategic Venture will only be proposed to all Telkom
shareholders on fulfilment of certain pre-conditions, including:
i. Conclusion of the requisite transaction agreements to the satisfaction
of both Telkom and KT;
ii. Endorsement by Telkom`s major shareholders; and
iii. Prior consultation with the financial surveillance department of the
South African Reserve Bank ("SARB").
The Proposed Strategic Venture, if implemented, will not result in a change
to Telkom`s corporate strategy or in any consequential loss of employment
for any of Telkom`s existing employees.
Further cautionary announcement
Shareholders are advised that discussions regarding the Potential Strategic
Venture are still in progress and there is still no certainty that a formal
transaction will be proposed or concluded. Accordingly, shareholders are
advised to continue exercising caution when trading in the Company`s
securities until a further announcement is made.
For enquiries:
Telkom
Nicola White (Investor Relations)
Tel: +27 (0)12 311 5720
Pynee Chetty (Media)
Tel: +27 (0)12 311 5247
Pretoria
12 December 2011
Lead financial advisor and transaction sponsor to Telkom
Deutsche Securities SA, a non-bank member of the Deutsche Bank Group
Co-advisor to Telkom
Deloitte
Legal advisor to Telkom
Eversheds
Communications advisor to Telkom
Capital MCG
Sponsor to Telkom
UBS South Africa (Pty) Ltd
Date: 12/12/2011 13:00:02 Produced by the JSE SENS Department.
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