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TKG - Telkom SA Limited - Update regarding strategic discussions
Telkom SA Limited
Registration number: 1991/005476/06)
(ISIN number: ZAE000044897)
JSE and NYSE share code: TKG
("Telkom" or "the Company")
Update regarding strategic discussions
Telkom shareholders are referred to the cautionary announcement published on
2 June 2008 and further cautionary announcements published on 15 July 2008
and 26 August 2008 regarding the receipt of a letter from a consortium
comprising Mvelaphanda Holdings (Proprietary) Limited, affiliated funds of
Och-Ziff Capital Management Group and other strategic funders ("the
Consortium"). Telkom shareholders are advised that the Company and the
Consortium have jointly agreed to suspend discussions in response to, inter
alia, current market conditions and pricing considerations.
Discussions with Vodafone Group Plc ("Vodafone"), regarding the acquisition
by Vodafone`s wholly-owned subsidiary of a portion of Telkom`s stake in
Vodacom Group (Proprietary) Limited and unbundling of the remainder, and
which are referred to in a separate cautionary dated 26 August 2008, are
still ongoing. A further announcement will be made in this regard shortly.
Accordingly, shareholders are advised to continue to exercise caution when
dealing in the Company`s securities.
18 September 2008
Pretoria
Transaction Sponsor: J.P. Morgan Equities
Special note regarding forward-looking statements
Many of the statements included in this announcement constitute or are based
on forward looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995, specifically Section 27A of the
U.S. Securities Act of 1933, as amended, and Section 21E of the U.S.
Securities Exchange Act of 1934, as amended. All statements, other than
statements of historical facts, including, among others, statements regarding
our future financial position and plans, strategies, objectives, capital
expenditures, projected costs and anticipated cost savings and financing
plans, as well as projected levels of growth in the communications market,
are forward looking statements. Forward looking statements can generally be
identified by the use of terminology such as "may", "will", "should",
"expect", "envisage", "intend", "plan", "project", "estimate", "anticipate",
"believe", "hope", "can", "is designed to" or similar phrases, although the
absence of such words does not necessarily mean that a statement is not
forward looking. These forward looking statements involve a number of known
and unknown risks, uncertainties and other factors that could cause our
actual results and outcomes to be materially different from historical
results or from any future results expressed or implied by such forward
looking statements. We caution you not to place undue reliance on these
forward looking statements. All written and oral forward looking statements
attributable to us, or persons acting on our behalf, are qualified in their
entirety by these cautionary statements. Moreover, unless we are required by
law to update these statements, we will not necessarily update any of these
statements after the date of our most recent annual report on Form 20-F filed
with the US Securities and Exchange Commission (SEC), either to conform them
to actual results or to changes in our expectations.
Telkom SA Limited filed an annual report on Form 20-F with the US SEC, for
the year ended March 31, 2007 on July, 17, 2007. This annual report includes
a detailed description of risk factors that may affect its business. For
further information you should refer to the Form 20-F and other filings with
the US SEC, which are available on Telkom`s investor relations website at
www.telkom.co.za/ir.
Date: 18/09/2008 17:32:02 Supplied by www.sharenet.co.za
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