JSE - Sale by Johnnic Holdings Limited of its rema
JSE - Sale by Johnnic Holdings Limited of its remaining shares in MTN Group
Limited
JSE Securities Exchange South Africa
(`JSE`)
PAID PRESS ANNOUNCEMENT
SALE BY JOHNNIC HOLDINGS LIMITED (`JOHNNIC`) OF ITS REMAINING SHARES IN MTN
GROUP LIMITED (`MTN`)
In terms of the Listings Requirements (`the Listings Requirements`) of the JSE
Securities Exchange South Africa (`JSE`), listed companies are required to
obtain shareholder approval for, among other things, the sale of assets for a
consideration equal to 30% or more of the market capitalisation of the company.
Johnnic sold its remaining shares in MTN for a consideration of more than 30% of
the market capitalisation of Johnnic without specific shareholder approval.
After meeting with the company and its representatives, the JSE has considered
the circumstances behind the sale and the reasons given for not seeking
shareholder approval. Whilst the JSE believes Johnnic transgressed the Listings
Requirements, it is also of the opinion that such transgression was inadvertent
and that a public censure is appropriate.
The JSE does not intend taking any further action on this matter.
4 February 2005
Date: 04/02/2005 05:10:12 PM
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