Naspers Limited (JSE:NPN) (LSE:NPSN):
1. Introduction
On 31 October 2007 Naspers advised that, following a review of its strategic investment priorities, it had initiated a formal process to explore the sale of its Greek and Cypriot pay-TV operations (“NetMed”).
Myriad International Holdings B.V., an indirect wholly owned subsidiary of Naspers, has now entered into conditional sale agreements (the “agreements”) for the disposal of NetMed to Forthnet SA (“Forthnet”), a leading Greek telecommunication company. The agreements place an enterprise value on NetMed of EUR490 million (US$760 million).
2. Transaction conditions and cautionary
The completion of the transaction is subject to a number of conditions, including the approval by Forthnet’s shareholders of a rights issue to partly fund the acquisition of NetMed. In addition, Forthnet will be required to raise debt funding. The transaction is subject to the risks typical of such capital raising.
Once the majority of the conditions are met and the financial effects of the transaction can be determined, the appropriate announcement will be made by Naspers. It is anticipated that this transaction will be a category 2 transaction in terms of the JSE Limited Listings Requirements.
Shareholders are therefore advised that the company has entered into agreements, which may have a material effect on the price of the company’s securities. Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities until a further announcement is made.
| Cape Town |
| 15 April 2008 |
| Sponsor |
| Investec Bank Limited |
Further information on Naspers is available on the Naspers website at http://www.naspers.com.
IMPORTANT INFORMATION
Disclaimer
This announcement has been issued by, and is the sole responsibility of Naspers Limited.
The distribution of this announcement and the offer and sale of Naspers Limited N shares in certain jurisdictions may be restricted by law. Any persons reading this announcement should inform themselves of, and observe, any such restrictions. This announcement does not in any manner constitute an invitation to invest or an advertisement, notification, statement or announcement soliciting investment in the shares of Naspers Limited or an offer of securities for sale in the United States or in any jurisdiction in which such an offer or solicitation is unlawful. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to registration or an applicable exemption from registration. No public offering of securities is being made into the United States.
Certain statements in this announcement constitute “forward looking statements” within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Naspers Limited to be materially different from the future results, performance or achievements expressed or implied by such forward looking statements. These factors include those discussed in our reports submitted to the SEC. We undertake no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events.
Contacts:
Mark Sorour, Group Chief Investment Officer
+27-21-406-3008
+27-83-2-500-000
msorour@naspers.com
or
Steve
Pacak, Group Chief Financial Officer
+27-21-406-3585
+27-83-2-500-006
spacak@naspers.com
or
MIH
Basil
Sgourdos, GM Business Development Pay TV
+31-23-556-2869
+31-23-556-2880
basil@mih.com
