SHAREHOLDERS in South African media, entertainment and telecoms group Johnnic Communications (Johncom) on Monday approved the unbundling of Johncom’s stake in mobile phone company M-Cell. Johnnic Senior Corporate Finance Manager Monica Steinlechner said all shareholders present at the meeting voted in favour of the move. Johncom is distributing the bulk – 34,4% of a total 35,8% — of its stake in M-Cell to Johncom shareholders to unlock value and simplify the Johnnic group’s structure. Shareholders will get 530 M-Cell shares for every 100 Johncom shares they own. The restructuring aims to reduce the holding company discount to net asset value at which Johnnic Holdings and its subsidiary Johncom trade. It also seeks to increase the liquidity of shares in M-Cell and force investors to put a value on the Johnnic media and entertainment businesses. – Reuters