Related Articles
Top Stories
May 25 2012 19:13
Uncertainty over the future of the euro zone returned to push the rand down against the dollar.
May 25 2012 13:58
The costs of the first phase of the Gauteng Freeway Improvement Project have increased significantly to almost R90bn, according to a report.
May 25 2012 11:36
The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
Johannesburg - At a special meeting held earlier on
Tuesday, Welkom Yizani shareholders accepted a proposal by media group Naspers to
restructure and to extend the Welkom Yizani share offer by a further two years, to
December 2013.
In 2006 Naspers sold a 15% stake in Media24 Holdings to BEE shareholders. At the
time, this was the largest BEE share offer in South Africa's print media industry.
According to Jakes Gerwel, chair of Welkom Yizani, the global recession has
had a significant impact on traditional print media companies.
This, in turn, affected
Media24's profitability.
"The value of the Welkom Yizani shares has not grown and the recession isn't over.
This means that, at the end of the minimum investment period in December 2011, the
loans outstanding would not have been brought down as much as was hoped for."
At the time of the offer in 2006, over 107 000 shareholders paid R10 per share,
which had a value of R50 per share. The minimum investment period of the offer was
five years. The remaining R40 per share was to be repaid from the dividends earned as
Media24 grew.
"By acting responsibly and pro-actively we hope to provide shareholders with a
better opportunity to profit from their investment," said Gerwel.
- I-Net Bridge
Fin24.com is part of FinMedia24, a Naspers subsidiary.