MTN shares plummet, share trading halted

ijacobs3

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JSE suspends trading in MTN shares

Johannesburg - An MTN spokesperson has confirmed to Fin24 that the mobile network’s shares on the Johannesburg Stock Exchange (JSE) have been suspended on Monday morning.

Chris Maroleng, the executive for group corporate affairs at MTN Group, told Fin24 by phone that trading in the company’s shares had been suspended.

“We take note of the JSE’s decision to suspend MTN’s shares,” he said.

MTN’s share price has been under pressure in the last week after it confirmed last week that it’s been fined $5.2bn by Nigerian regulators for allegedly not disconnecting up to five million unregistered SIM cards.

JSE suspends trading in MTN shares
 

Hamster

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Well it's a good thing for us. Nobody wants a "market crash" right now.
 

Creag

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Update to shareholders and cautionary announcement

MTN Group Limited
Registration number: 1994/009584/06
ISIN: ZAE000042164
Share code: MTN

UPDATE TO SHAREHOLDERS AND CAUTIONARY ANNOUNCEMENT

Further to the SENS announcement which the Company issued on 26 October 2015 relating to this matter shareholders are advised that the Group CEO is engaging with the Nigerian authorities on the regulatory aspects of this matter. In addition senior management of the
Company and its advisors are currently engaging with the JSE Limited on the timing of the aforementioned SENS announcement. The Company will update shareholders through SENS on these engagements as soon as possible.

Shareholders are therefore advised to exercise caution when dealing in the Company's securities until a further announcement is made.

Fairland
30 October 2015


Sponsor
Deutsche Securities (SA) Proprietary Limited

Date: 30/10/2015 08:33:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Source: SENS
 

Creag

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And this from just a wee while back:

Source: Sharenet | http://www.sharenet.co.za/v3/sens_display.php?tdate=20151102112300&seq=24

Release Date: 02/11/2015 11:23:00

GEN - General - MTN Group Limited - Trading Halt
GEN – General – MTN Group Limited

Trading halt

The JSE has halted trading in MTN Group Limited shares pending an announcement from the company.

2 November 2015

Date: 02/11/2015 11:23:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
 

Creag

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Well it's a good thing for us. Nobody wants a "market crash" right now.

Agreed. Too many funds in South Africa (pension funds included) have exposure to MTN. It'll destroy too many if it were to free fall.

When suspended, the share price was down 5.27% to 14948c. Probably the right decision by the JSE.
 

Datura

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Oct 12, 2006
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Was wondering why there was suddenly no movement. My shares fell 5% this morning and then suddenly stood still...
 

Creag

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Good! Slay the beast!

Whilst I can understand to a certain extent the underlying sentiment of this statement, I assume that you have no investments in SA whatsoever. Nothing. Not even a pension fund. But if you do, your statement is not well thought through and lacks empathy/sympathy for the vast majority who do.

To add to this, I have no connection to the operator whatsoever. The fact is that this is a sizeable South African company and has potentially big ramifications for the economy as a whole.
 

Hamster

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Good! Slay the beast!

Comments like these remind me how little the general population know about the economy. And to put the cherry on the cake: we allow them to vote in the general elections as well.
 

Creag

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Comments like these remind me how little the general population know about the economy. And to put the cherry on the cake: we allow them to vote in the general elections as well.

QFT ^
 
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