| SENS Note - 18 July 2003 |
| MTN issues statement on Newshelf (Pty)Ltd |
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Shareholders are referred to the announcement by Newshelf 664 (Pty)Ltd dated 20 Dec 02 regarding the management and staff buy-in through the acquisition by Newshelf of approximately 18.7% of the issued shares of MTN from Transnet. These MTN shares were acquired at an average price of R13.90 per share. Shareholders were further advised in an announcement dated 11 Apr 03 that Newshelf is a company whose ordinary shares were to be held by a Trust of which the beneficiaries will be eligible employees of MTN, including the executive directors. The Trust has been formed and registered with the Master of the High Court. Five trustees have been appointed, two of whom are directors of MTN namely, PF Nhleko and I Charnley. Furthermore, all the directors of Newshelf are currently appointed by the Trust. To date, five directors have been appointed namely, PF Nhleko, I Charnley, PL Zim, RD Nisbet, and RS Dabengwa. Certain financiers are entitled to appoint in aggregate two directors of Newshelf. MTN executive directors have an indirect, beneficial interest in MTN shares that are held by Newshelf. The benefits which accrue to the MTN executive directors will only be received once Newshelf's obligations to its financiers have been settled. The participation ratio of each MTN executive director in the net surplus is as follows:
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