Cell C recapitalisation on track, implementation date extended
Cell C’s recapitalisation process is ongoing, and the parties involved have agreed to extend the targeted implementation date to facilitate the conclusion of negotiations.
The expected effective date of the recapitalisation was 1 June 2016, but 3C Telecommunications, Blue Label Telecoms, and Cell C staff and management agreed to extend the date.
On 10 December 2015, Cell C received offers to recapitalise the company – which would reduce net debt to R8 billion or less when implemented.
Blue Label Telecoms submitted a conditional binding offer of R4 billion hold around 35% of the total issued shares in Cell C at the close of the recapitalisation.
Cell C management and staff submitted an offer of R2.5 billion to hold about 30%, and current Cell C shareholder 3C Telecommunications will subscribe to hold about 35% of the total issued shares.
“Further updates will follow when appropriate,” said Cell C.
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