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TKG - Telkom SA Limited - Announcement regarding a Potential Strategic

Release Date: 12/12/2011 13:00
Code(s): TKG
Wrap Text

TKG - Telkom SA Limited - Announcement regarding a Potential Strategic Venture with KT Corporation ("KT") and further cautionary announcement Telkom SA Limited (Registration number 1991/005476/06) JSE share code: TKG ISIN: ZAE000044897 ("Telkom" or the "Company") ANNOUNCEMENT REGARDING A POTENTIAL STRATEGIC VENTURE WITH KT CORPORATION ("KT") AND FURTHER CAUTIONARY ANNOUNCEMENT Shareholders are referred to the cautionary announcements dated 14 October 2011 and 21 November 2011 regarding a potential strategic venture ("Potential Strategic Venture") between Telkom and KT (collectively "the Companies"). Telkom is pleased to advise shareholders that the Companies have entered into a memorandum of understanding ("MOU") relating to the Potential Strategic Venture. The MOU provides for an exclusive period of engagement and information exchange to enable the Companies to confirm the areas of mutual strategic and business cooperation and envisaged benefits of the Potential Strategic Venture ("Diagnostic Review"). The Diagnostic Review will commence immediately and Telkom will update shareholders in six weeks when the cautionary announcement is renewed. In addition to the successful completion of the Diagnostic Review, the Potential Strategic Venture will only be proposed to all Telkom shareholders on fulfilment of certain pre-conditions, including: i. Conclusion of the requisite transaction agreements to the satisfaction of both Telkom and KT; ii. Endorsement by Telkom`s major shareholders; and iii. Prior consultation with the financial surveillance department of the South African Reserve Bank ("SARB"). The Proposed Strategic Venture, if implemented, will not result in a change to Telkom`s corporate strategy or in any consequential loss of employment for any of Telkom`s existing employees. Further cautionary announcement Shareholders are advised that discussions regarding the Potential Strategic Venture are still in progress and there is still no certainty that a formal Director: Exxaro Coal (Pty) Limited Strike price per share: R178.94 Date of transaction: 01 December 2011 Number of shares: 304 Value of shares: R54,397.76 05 December 2011 CH WESSELS GROUP COMPANY SECRETARY Sponsor Deutsche Securities (SA) (Proprietary) Limited Date: 05/12/2011 10:30:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS. relevant dealing. Date: 28/11/2011 10:50:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or

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