Vosloo added: “At the outset of both schemes, we defined our aim as to achieve a broad base of
shareholders. We aimed at teachers and plumbers and civil servants. Hopefully, with such a basis
of allocation, we will achieve this aim in the fairest possible manner”.
Koos Bekker, CEO of Naspers, commented: “Not in our wildest dreams did we believe that both
schemes would attract in excess of 100 000 individuals as investors. This is an indication of the
desire on the part of ordinary people to participate in the formal economy”.
Bekker added: “We had originally indicated that Naspers was following a phased approach to
empowerment. The next phase was dependent on the successful conclusion of the Naspers and
Johncom transaction, at which time we would inject the entire M-Net/SuperSport stake into
MCSA. The idea was to ensure that M-Net and SuperSport are also properly empowered.
“Now that the M-Net/SuperSport agreement has been signed, and in view of the enormous
success of our BEE schemes, the Naspers board has approved a further offering of up to 7,5% in
MCSA. The intention is to apply similar financial terms as the existing Phuthuma Nathi scheme
in MCSA. We hope to finalise this scheme in the first quarter of 2007”.
Bekker added that: “This second offer would only be made to those black individuals and
groupings who had applied for the first Welkom Yizani and Phuthuma Nathi offers in the first
round, and who did not receive the full amounts of their application. No allocations are
guaranteed – but we will take into account existing business relationships”.
All Welkom Yizani and Phuthuma Nathi participants who were not fully allocated the shares
they applied for should receive their refunds by mid-December.