Phuthuma Nathi

Since inception, Phuthuma Nathi (PN) shareholders’ investment in MultiChoice South Africa (MCSA) has delivered 17 times the initial investment amount in share price growth and dividends (approximately R6.2 billion has been paid in dividends to all PN shareholders).

Please note that as a PN shareholder, you will continue to hold shares in MCSA.

As part of the unbundling and listing of MultiChoice Group (MCG), however, the collective holding of the PN schemes in MCSA will be increased from 20% to 25%. Your dividend flows will also increase by 25%. The additional 5% stake in MCSA will be gifted to PN on the effective date of the unbundling (expected to be 4 March 2019) and demonstrates the commitment of both Naspers and MCG to transformation in South Africa.

In addition, sometime after the listing and subject to PN board and shareholder approvals, MCG intends to give PN shareholders the opportunity to exchange 25% of the PN shareholding that they hold before the 5% stake is allocated, for shares in MCG. Shareholders would then be able to choose whether to keep or sell these shares on the JSE.

As a PN shareholder, no action is required from you in relation to the unbundling and listing of MCG shares on the JSE.