| Fri 18 Jun 2004, 8:32 | | Thintana successfully reduces its interest in Telk |
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Thintana Communications successfully reduces its equity interest in Telkom SA
Johannesburg, South Africa, June 18, 2004
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES, CANADA OR JAPAN
Thintana Communications successfully reduces its equity interest in Telkom SA
Johannesburg, South Africa, June 18, 2004
Thintana Communications LLC (`Thintana`) announced that it has successfully
reduced its equity interest in Telkom SA (`Telkom`) to 15.1% from 30%.
Approximately 83.0 million ordinary shares in Telkom were offered to South
African and international institutional investors through a three-day bookbuilt
offering (`the Offering`) priced at ZAR73 per share. The issue price of ZAR73
per share represents a discount of 0.7% to the closing price of the Telkom
shares on the JSE Securities Exchange on June 17, 2004. Settlement of the
Offering is expected to take place on June 25, 2004.
Telkom did not receive any proceeds from the Offering.
Following the Offering, Thintana will hold a 15.1% interest in Telkom, with SBC
Communications Inc. and Telekom Malaysia Berhad, through TM International Sdn
Bhd, retaining approximately a 9% and 6% beneficial interest in Telkom
respectively.
In connection with the Offering, Thintana has entered into a lockup agreement,
with customary terms, covering Thintana`s remaining 15.1% holding in Telkom. The
lockup agreement will terminate upon the release of Telkom`s interim financial
results for the period ending September 30, 2004, which is scheduled to take
place on November 22, 2004.
In accordance with the terms of the Strategic Services Agreement between
Thintana and Telkom, this Offering will not effect any change to the management
services arrangements provided to Telkom through Thintana. On the completion of
this Offering, the number of directors Thintana is entitled to appoint to the
Telkom board in accordance with Telkom`s Articles will be reduced from five to
three. Changes to such effect will be announced shortly.
Deutsche Bank, JPMorgan and UBS Investment Bank acted as Joint Global
Coordinators and Joint Bookrunners in the Offering.
Contact information:
Deutsche Bank
Marcus Le Grice
Tel: +44 20 7545 6736
JPMorgan
Arjun Khullar
Tel: +44 20 7325 1675
UBS Investment Bank
Jim Renwick
Tel: +44 20 7568 2015
This announcement does not in any manner constitute an invitation to invest or
an advertisement notification, statement or announcement soliciting investment
in the shares of Telkom SA or an offer of securities for sale in the United
States or in any jurisdiction in which such an offer or solicitation is
unlawful. The securities referred to in this announcement have not been and
will not be registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United States, except pursuant to registration
or an applicable exemption from registration. No public offering of securities
is being made into the United States.
Within the United Kingdom, this announcement is directed only at persons who
have professional experience in matters relating to investments (all such
persons together being referred to as `relevant persons`). This communication
must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication relates is
available only to relevant persons and will be engaged in only with relevant
persons.
No prospectus offering securities to the public has been published
18 June 2004
Date: 18/06/2004 07:54:04 AM
Produced by the JSE SENS Department
