M-Net and Supersport (MNS) shareholders have given the green light to the distribution of the 11 386-million Naspers (NPN) shares held by Supersport and a cash distribution of R37,5-million from SuperSport and R37,5-million from M-Net, by way of a capital reduction.
The approval was obtained at a general meeting held on Monday.
The payment in respect of the cash distributions will be made to shareholders on Monday 10 March 2003, the companies said.
M-Net and SuperSport announced in January that they planned to distribute to M-Net/SuperSport linked unit holders all of Supersport’s Naspers class N ordinary shares and R75-million in cash by way of a reduction of the share premium accounts in M-Net and SuperSport.
M-Net/Supersport shareholders would receive 42 365 Naspers shares per 100 M-Net Supersport shares held.
The capital reduction ratio was based on the assumption that SuperSport would distribute 100% of its shareholding in Naspers by way of the proposed share distribution. In terms of the proposed cash distribution, M-Net SuperSport
shareholders would receive R27,91 per 100 M-Net/SuperSport linked unit held. – I-Net-Bridge