Joint Press Release By Naspers And Trustees Of The Welkom Share Scheme
Release Date: 28/07/2003 12:25:57 Code(s): NPN
JOINT PRESS RELEASE BY NASPERS AND TRUSTEES OF THE WELKOM SHARE SCHEME
Naspers Limited
Share code:NPN
ISIN: ZAE000015889
The Welkom Share Scheme was created in 1998 to enable members of previously
disadvantaged communities to obtain Naspers shares by inviting them to subscribe
for convertible debentures. The initial intention was that the Welkom Share
Scheme would close on 9 September 2003.
However, after the longest bull run this century when share prices in many
markets in the world grew, from roughly 1981 to 2000, share markets have since
dropped significantly. If the Welkom Share Scheme was to be terminated now,
Welkom Share Scheme participants would not realise a return on their investment.
The Trustees of the Welkom Share Scheme and the Board of Naspers believe it to
be beneficial to the company to afford Welkom Share Scheme participants a
further opportunity to become Naspers shareholders. Consequently it was
decided, subject to approval by Naspers shareholders, to extend non-redeemable
offers to Welkom Share Scheme participants to subscribe for the same number of
Naspers N shares as they would have received in terms of the Welkom Share
Scheme. These offers will be exercisable during September 2006 at a price of
R31,96. Welkom Share Scheme participants will receive further details of this
offer via mail.
A dedicated call center has been created to respond to enquiries from
participants regarding the Welkom Share Scheme. Participants can call the toll-
free number 0800 21 24 14 or e-mail queries to welkom@naspers.com.
Should you require any further information, or would like to request a one-on-
one interview with Conrad Sidego, Executive Trustee, Please call Bernadette on
021 406-2977.
THE TRUSTEES OF THE WELKOM SHARE TRUST
Date: 28/07/2003 12:26:00 PM Supplied by www.sharenet.co.za
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