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TKG
TKG
TKG - Telkom SA Limited - Update on discussions with KT Corporation and renewal
of cautionary announcement
Telkom SA Limited
(Registration number 1991/005476/06)
JSE share code TKG
ISIN ZAE000044897
("Telkom" or the "Company")
UPDATE ON DISCUSSIONS WITH KT CORPORATION ("KT") AND RENEWAL OF CAUTIONARY
ANNOUNCEMENT
Shareholders are referred to the cautionary announcements dated 14 October 2011,
21 November 2011, and 12 December 2011 regarding a potential strategic venture
("Potential Strategic Venture") between Telkom and KT (collectively "the
Companies").
On 12 December 2011 shareholders were advised that having entered into a
memorandum of understanding ("MoU"), the Companies had agreed to an exclusive
period of engagement and information exchange to confirm the areas of mutual
strategic and business cooperation and envisaged benefits of the Potential
Strategic Venture ("Diagnostic Review").
Shareholders are advised that the Diagnostic Review is well progressed and the
Companies expect to finalise their findings within the next few weeks. Following
the successful completion of the Diagnostic Review, the Companies would then
seek to present the findings to their respective boards of directors and engage
with key stakeholders before finalising the transaction agreements and
presenting the transaction to Telkom shareholders for approval.
Shareholders are advised that discussions regarding the Potential Strategic
Venture are ongoing 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
27 January 2012
Lead financial advisor and transaction sponsor to Telkom
Deutsche Bank
Sponsor to Telkom
UBS South Africa (Pty) Ltd
Date: 27/01/2012 08:58:21 Produced by the JSE SENS Department.
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