Newshelf disposing of 65.5 million shares in MTN

Newshelf is disposing of 65.5 million shares in mobile phone operator MTN in an unwinding of a hedge deal.

MTN said the unwind would take place in a series of disposals over a period of a few months.

"Subject to market conditions Newshelf may resolve to acquire some or all the shares to be disposed of from the Hedge Unwind," MTN said.

Newshelf has decreased its direct beneficial holding and currently holds a direct beneficial interest in 308 million MTN shares but has voting control over 243.5 million MTN shares as a result of a scrip lending arrangement.

"Once the entire series of disposals making up the Hedge Unwind has been completed and in the event that Newshelf does not repurchase any of the MTN shares so disposed, Newshelf will hold a direct beneficial interest in 243.5 million MTN shares."

Comments

Latest news

Share this article
Newshelf disposing of 65.5 million shares in MTN