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BLUE LABEL TELECOMS LIMITED - Update on Cell C transaction

Release Date: 01/11/2016 11:08
Code(s): BLU     PDF:  
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Update on Cell C transaction

Blue Label Telecoms Limited
(Incorporated in the Republic of South Africa)
(Registration number 2006/022679/06)
Share code: BLU ISIN: ZAE000109088
(“Blue Label” or the “Company”)



UPDATE ON THE CELL C TRANSACTION


Blue Label shareholders (“Shareholders”) are referred to the announcement released on the Stock Exchange News
Service of the JSE Limited, on Wednesday, 5 October 2016 (“Transaction Announcement”), in which the Company
announced the final terms of its offer to participate, in conjunction with other investors, in the recapitalisation of Cell C
Proprietary Limited (“Cell C”) (the “Proposed Transaction”).

As detailed in the Transaction Announcement, a condition precedent to the Proposed Transaction was the completion
by Cell C of a bond placement process which, taking into account the amounts payable by the other investors, would
result in its existing net borrowings, comprising any contractual obligations pertaining to monies borrowed, including
shareholder loans, less cash and cash equivalents being reduced to a maximum of R8.0 billion (“Maximum Net
Borrowings”).

Blue Label has been informed by Cell C that the bond placement has been withdrawn and that the Maximum Net
Borrowings is anticipated to be achieved without the necessity to do so via a bond placement.

By order of the board

Sandton
01 November 2016

Financial Adviser and Sponsor
Investec Bank Limited

Legal Adviser to Blue Label
Werksmans Inc

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