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NOVUS HOLDINGS LIMITED - Competition Tribunal Approval Media24: Novus Merger

Release Date: 03/08/2017 13:00
Code(s): NVS     PDF:  
Wrap Text
Competition Tribunal Approval – Media24: Novus Merger

Novus Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 2008/011165/06
Share code: NVS
ISIN: ZAE000202149
(“Novus”)

COMPETITION TRIBUNAL APPROVAL – MEDIA24: NOVUS MERGER

Novus shareholders are referred to the SENS announcement released on 3 April 2017 in which they were
advised that the Competition Commission had recommended Media24 Proprietary Limited’s (“Media24”)
merger filing concerning Novus (“Merger Filing”) to the Competition Tribunal for approval. The Merger
Filing includes a condition that Media24 divest itself of the majority of its shareholding in Novus whilst
permitting Media24 to retain a non-controlling minority stake in Novus of 19% (“Merger Condition”).

On 3 August 2017 (“Approval Date”), the Competition Tribunal approved the Merger Filing, including the
Merger Condition. Accordingly, Media24 is now required to unbundle the majority of its shareholding in
Novus to Naspers Limited (“Naspers”), its ultimate holding company, and thereafter to Naspers’s
shareholders (“Unbundling”).

In terms of the Merger Condition, Media24 is required:

- within 20 business days from the Approval Date, lodge any amendments required to its Memorandum
  of Incorporation (“MOI”) to give effect to the Unbundling with the Companies and Intellectual Property
  Commission ("CIPC"); and

- within 40 business days after the amended MOI has been approved by CIPC, to implement the
  Unbundling.

Novus shareholders will be advised once the Unbundling has been implemented.


Cape Town
3 August 2017

Sponsor

Investec Bank Limited

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