{"id":200632,"date":"2017-02-27T14:06:36","date_gmt":"2017-02-27T12:06:36","guid":{"rendered":"http:\/\/mybroadband.co.za\/news\/?p=200632"},"modified":"2017-02-27T14:07:41","modified_gmt":"2017-02-27T12:07:41","slug":"cell-c-and-blue-label-enter-binding-agreement","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cellular\/200632-cell-c-and-blue-label-enter-binding-agreement.html","title":{"rendered":"Cell C and Blue Label enter binding agreement"},"content":{"rendered":"<p>Blue Label Telecoms has told shareholders that a &#8220;binding umbrella restructure agreement&#8221; has been entered into by the company and Cell C.<\/p>\n<p>&#8220;Blue Label, Cell C, debt providers of Cell C, a third-party investor, and other relevant parties&#8221; are part of the agreement, which will see:<\/p>\n<ul>\n<li>Maximum net borrowings of Cell C reduced to approximately R6 billion.<\/li>\n<li>The third-party investor is to subscribe for 15% of the share capital of Cell C for R2 billion.<\/li>\n<li>Blue Label\u2019s subscription for 45% of the share capital of Cell C remains unchanged.<\/li>\n<\/ul>\n<p>The binding restructure agreement is subject to the conclusion of the relevant transaction agreements, which agreements are expected to be unconditional by no later than 30 June 2017,&#8221; said Blue Label.<\/p>\n<h3 class=\"my-4\">Shareholder fight<\/h3>\n<p>The announcement comes after\u00a0Cell C\u2019s black equity partner CellSAF\u00a0reportedly threatened to <a href=\"https:\/\/mybroadband.co.za\/news\/cellular\/200476-cell-cs-black-equity-partner-wants-to-sink-blue-label-deal-report.html\" target=\"_blank\"><strong>prevent the deal<\/strong><\/a> from taking place.<\/p>\n<p>CellSAF holds a 25% stake in the firm that owns Cell C, 3C Telecommunications.<\/p>\n<p>Should the planned deal go through, CellSAF\u2019s indirect shareholding in Cell C would be reduced to\u00a07.5%.<\/p>\n<p>CellSAF chairman\u00a0Mathews Phosa said diluting Cell C\u2019s\u00a0black equity would be \u201cillegal and improper\u201d, according to a report by BusinessDay.<\/p>\n<p>The report stated that\u00a0CellSAF has approached ICASA to stop the deal going ahead.<\/p>\n<h3 class=\"my-4\">Now read:\u00a0<a href=\"https:\/\/mybroadband.co.za\/news\/telecoms\/200456-samsung-announces-5g-home-router-for-super-fast-internet.html\" rel=\"bookmark\">Samsung announces 5G home router for super-fast Internet<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Blue Label Telecoms has told shareholders that a &#8220;binding umbrella restructure agreement&#8221; has been entered into by the company and Cell C.<\/p>\n","protected":false},"author":23,"featured_media":185806,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[19,14],"tags":[28947,355,35],"class_list":["post-200632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-cellular","tag-blue-label","tag-cell-c","tag-headline"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/200632"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=200632"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/200632\/revisions"}],"predecessor-version":[{"id":200634,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/200632\/revisions\/200634"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/185806"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=200632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=200632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=200632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}