Media group Johnnic Communications (Johncom), which owns 26,6% of M-Net and Supersport, will be given a chance to up its stake in the television pay channels if Naspers succeeds with a proposal to buy out minorities.
Naspers, which directly or indirectly controls 40,6% of M-Net/SuperSport, announced on Wednesday evening it is offering to buy out minorities at R8,50 per share or swop their shares for new Naspers shares.
And if it succeeds, it has granted Johncom the option to acquire up to 35,4% of the two television channels, which will be delisted, at the same price it is offering minorities.
Commenting on the option, Johncom CEO Connie Molusi said: “Quite clearly we are in support of it for various reasons. We keep that option open to take up a bigger slice in M-Net/SuperSport.
“Historically we were a founding shareholder in 1985 and it’s been a significant stake for us. And as a major media group going forward, we would like to extend out interest in that space.” — I-Net Bridge