MOBILE TEL NETWORKS HLDGS (PTY) LIMITED - Update on fine imposed on MTN Nigeria - MTN04

Update on fine imposed on MTN Nigeria - MTN04

MOBILE TELEPHONE NETWORKS HOLDINGS PROPRIETARY LIMITED
Incorporated in the Republic of South Africa
(Registration number 1993/001411/07)
Instrument Code: MTN04 ISIN: ZAG000078619
(“MTNH”) or (“the Company”)



Further update on the fine imposed on MTN Nigeria and renewal of cautionary
announcement

Further to the SENS announcement issued by the Group on 4 December 2015,
noteholders are advised that all factors having a bearing on the matter have been
thoroughly and carefully considered including a review of the circumstances leading to the
fine and the subsequent letters received from the Nigerian Communications Commission
(NCC).

 MTN Nigeria acting on legal advice has resolved that the manner of the imposition of the
fine and the quantum thereof is not in accordance with the NCC’s powers under the
Nigerian Communications Act and therefore there are valid grounds upon which to
challenge the fine.

Accordingly MTN Group has followed due process and has instructed its lawyers to proceed
with an action in the Federal High Court in Lagos seeking the appropriate reliefs.

MTN Group is advised that in the current circumstances in line with the lis pendens rule
(pending legal action) the parties are enjoined to restrain from taking further action until
the matter is finally determined.This is consistent with previous judicial decisions in Nigeria.

Notwithstanding this action the Group will continue to engage with the Nigerian Authorities
to try and ensure an amicable resolution in the best interests of the Group, its stakeholders
and the Nigerian Authorities

Noteholders are therefore advised to continue to exercise caution when dealing in the
Company’s securities until a further announcement is made.


Fairland
18 December 2015

Debt Sponsor
The Standard Bank of South Africa Limited

Date: 18/12/2015 07:39:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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