TKG - Telkom SA Limited - Update regarding the potential strategic venture with
TKG
TKG
TKG - Telkom SA Limited - Update regarding the potential strategic venture with
KT Corporation and further cautionary announcement
Telkom SA Limited
(Registration number 1991/005476/06)
JSE share code: TKG
ISIN: ZAE000044897
("Telkom" or the "Company")
UPDATE REGARDING THE POTENTIAL STRATEGIC VENTURE WITH KT CORPORATION ("KT") AND
FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcements dated 14 October 2011,
21 November 2011, 12 December 2011, 27 January 2012, 9 March 2012, 25 April
2012, and 8 May 2012 regarding a potential strategic venture ("Potential
Strategic Venture") between Telkom and KT (collectively "the Companies").
In the announcement dated 8 May 2012, Telkom informed shareholders that the
Companies had reached in principle agreement regarding the terms of the
Potential Strategic Venture, subject to the fulfilment of certain pre-
conditions, including receipt of in principle support for the Potential
Strategic Venture by the Government of South Africa.
Shareholders are advised that on 31 May 2012 Telkom was informed by the
Honourable Minister of Communications that the proposed transaction between the
Companies had been presented to cabinet on 30 May 2012 and that cabinet had
taken the decision not to support the transaction as proposed. The board of
directors of Telkom will be engaging with the Honourable Minister of
Communications to discuss cabinet`s decision and the implications thereof. A
further announcement will be made in due course.
Further cautionary announcement
Shareholders are accordingly advised to continue exercising caution when trading
in the Company`s securities until a further announcement is made.
1 June 2012
Financial advisor and transaction sponsor to Telkom
Deutsche Bank
Sponsor to Telkom
UBS South Africa (Pty) Ltd
Date: 01/06/2012 07:05:15 Produced by the JSE SENS Department.
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