Vodacom BEE
An e-mail has been doing the rounds about Vodacom’s planned public offer. The e-mail, the origins of which are still unknown to Business Report (but some suspect that it might have been leaked from the company), gives details about the offer: the value of the deal, the number of shares to be sold and for how much.
Vodacom says the e-mail is a hoax, as it has not yet finalised the details of the offer. The public offer is part of Vodacom’s R7.5 billion black empowerment transactions. It has already sold 45 percent of that to strategic partners Thebe Investments and Royal Bafokeng Holdings. It will sell 25 percent of the R7.5 billion to staff and its business partners. The black public will share 30 percent of the R7.5 billion.
According to the e-mail, black investors can buy a minimum of 100 shares for R2 500 (or R25 a share), while the maximum will be 1 440 000 shares, costing R36 million. The total transaction would be valued at R360 million.
But 30 percent of R7.5 billion is way more than R360 million. This indicates that the e-mail is unlikely to have been leaked.
The offer in the e-mail has been named YeboYethu – probably taken from Vodacom’s popular advert slogan, YeboGogo. According to the author of the e-mail, the offer opens next Wednesday and closes on September 11.
Vodacom has unfortunately failed to be proactive on this one. It should have issued a warning to people as soon as it became aware of the e-mail.
What if bank details were already provided and unsuspecting people had decided to grab the opportunity, so that they would not lose out?
What this e-mail did manage to do, however, is to alert people that another opportunity to buy shares in one of the lucrative entities is in the offing. So start saving.
Business Report
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