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Naspers: Listing of Prosus N Ordinary Shares on Euronext Amsterdam and the JSE

September 11, 2019

CAPE TOWN, South Africa--(BUSINESS WIRE)--Sep 11, 2019--

Naspers Limited’s (” Naspers ” or the ” Company ”) (JSE: NPN; LSE: NPSN): further to the announcement released today by Myriad International Holdings N.V. (to be renamed Prosus N.V. with effect from the Settlement Date) ( Prosus ), shareholders are hereby advised that the issued N Ordinary Shares with a nominal value of €0.05 each in Prosus’s share capital (the Prosus N Ordinary Shares ) were admitted to listing and trading on Euronext Amsterdam ( Euronext Amsterdam ), a regulated market operated by Euronext Amsterdam N.V., under the symbol “PRX”, and, as a secondary listing, on the Main Board of the Johannesburg Stock Exchange (the JSE ), a licensed exchange operated by JSE Limited, under the abbreviated name “Prosus” and the symbol “PRX” in the “Technology—Internet” sector at 09:00 (CEST/SAST) today, Wednesday, 11 September 2019. The Prosus N Ordinary Shares’ International Security Identification Number is NL0013654783.

Consequently, Naspers N Shareholders that do not elect to be issued Naspers N Ordinary Shares under the Naspers N Share Capitalisation Issue will receive Prosus N Ordinary Shares in terms of the Naspers M Share Capitalisation Issue on the Settlement Date, currently expected to be on Monday, 16 September 2019, and may commence trading Prosus N Ordinary Shares on an “as-if-and-when-issued” basis.

Delivery of the Prosus N Ordinary Shares will take place through the book-entry systems of Euroclear Nederland, in the case of Euronext Amsterdam Investors, and the Strate System, in the case of JSE Investors, in accordance with their respective normal settlement procedures applicable to equity securities on the Settlement Date. Consequently, Naspers N Shareholders are reminded to provide the details of their custodian or brokerage account capable of holding Prosus N Ordinary Shares listed and trading on Euronext Amsterdam, if they are a Euronext Amsterdam Investor or on the JSE, if they are a JSE Investor.

Shareholders may access additional information related to settlement in the ” Frequently Asked Questions related to Settlement ” document on the Company’s website at https://www.naspers.com/investors/euronext-listing.

Unless otherwise indicated, capitalised words and terms contained in this announcement shall bear the same meanings ascribed thereto in the Prospectus (available on Prosus’s website at www.prosus.com ).

Investing in Prosus N Ordinary Shares involves risks. See ” Risk Factors ” in the Prospectus for a description of the risk factors that should be carefully considered before investing in the Prosus N Ordinary Shares.

Overview of the Prosus Group

Prosus, together with its consolidated subsidiaries (the Prosus Group ), is a global consumer internet group operating across a variety of platforms and geographies, and is one of the largest technology investors in the world. The Prosus Group’s businesses and investments serve more than 1.5 billion people in 89 markets, and are the market leaders in 77 of those markets. The Prosus Group’s consumer internet services span the core focus segments of Classifieds, Payments and Fintech as well as Food Delivery, plus other online businesses including Etail and Travel. The Prosus Group aims to build leading companies that create value by empowering people and enriching communities. The Prosus Group has grown by investing in, acquiring and building leading companies. The Prosus Group typically focuses on large consumer trends where it tries to identify changes early, invests in and adapts proven business models for the high-growth markets it is focusing on, and leverages its skills and local knowledge and position to build, businesses that have scale and benefit from local network effects. The Prosus Group believes that its platforms offer customers fast, intuitive and secure environments in which to communicate and conduct transactions. The Prosus Group focuses on several markets that present above-average growth opportunities (when compared to mature markets) due to their economic growth, scalability and fast-growing, mobile internet penetration levels. The Prosus Group’s businesses and investments primarily operate in China, India, Russia, Central and Eastern Europe, North America, Latin America, Southeast Asia, the Middle East and Africa. The Prosus Group has developed strong brands in these markets, and believes that those global and local brands are an important way for each of its businesses to differentiate itself from its competitors, thereby driving organic traffic through consumer word-of-mouth.

The Prosus Group’s businesses and investments are organised around the following segments: Ecommerce (which comprises its interests in Classifieds, Payments and Fintech, Food Delivery, Etail, Travel and other Ecommerce (including Ventures)), Social and Internet Platforms (which comprises its interests in Tencent and Mail.ru Group) and Corporate (relating to its group-level corporate services and treasury function). In its Travel segment, on 5 September 2019, Naspers announced the completion of the exchange of its stake in MakeMyTrip Limited (NASDAQ:MMYT) for a 5.6% stake in Ctrip.com International Limited (NASDAQ:CTRP), a leading provider of online travel and related services headquartered in China.

For information on the Prosus Group’s business, see the ” Business ” section of the Prospectus.

On the Capital Restructure Date, Naspers will hold its media assets (primarily, Media24 Holdings Proprietary Limited) and certain ecommerce assets in South Africa (primarily, Takealot, Mr D Food and Property24), treasury shares in Naspers that are held for the purposes of certain Naspers Group share schemes, the investments made by Naspers Foundry, a technology start-up initiative, and between 73% and 83% of the Prosus N Ordinary Shares (depending on the outcome of the Elections.

NASPERS CAPITALISATION ISSUE ELECTIONS

The period for Elections for Naspers N Ordinary Shares (instead of Naspers M Ordinary Shares and, ultimately, Prosus N Ordinary Shares) will close at 12:00 (SAST) on Friday, 13 September 2019 (the Record Date ). Shareholders holding Naspers N Ordinary Shares in dematerialised form are required to notify their CSDP or broker if they wish to make an Election in the manner and time stipulated in the custody agreement governing the relationship between such Naspers N Shareholders and their CSDP or broker. Shareholders holding their Naspers N Ordinary Shares in certificated form must complete the new form of Election ( green ) attached to the Naspers Circular (the Form of Election ) in accordance with the instructions contained therein and lodge it with Link Market Services, to be received by no later than 12:00 (SAST) on Friday, 13 September 2019.

The election forms ( yellow ) that were already submitted to brokers, central securities CSDPs or the Company in terms of the circular that was originally posted to shareholders on 29 May 2019, are of no force or effect and will be disregarded. An electronic copy of the Naspers Circular (attaching the new Form of Election ( green )) is available on the Company’s website at www.naspers.com and additional copies of the Naspers Circular can be obtained from the Company and the Company’s sponsor, Investec Bank Limited, at their respective addresses provided in the Corporate Information section of the Naspers Circular during normal business hours until 12:00 on Friday, 13 September 2019.

The Naspers N Ordinary Shares to be issued to the Naspers N Shareholders that will exercise an Election by 12:00 (SAST) on the Record Date will be issued on Monday, 16 September 2019, and will be listed and commence trading on the JSE at 09:00 on Monday, 16 September 2019. Shareholders that have Elected, or will Elect, to be issued Naspers N Ordinary Shares under the Naspers N Share Capitalisation Issue may not deal in Prosus N Ordinary Shares that were listed and commenced trading today, Wednesday, 11 September 2019, on Euronext Amsterdam and the JSE at 09:00 (CEST/SAST).

SALIENT DATES AND TIMES

The timetable below lists certain expected key dates for the Transaction.

Cape Town
11 September 2019

DISCLAIMER

Under the Capital Restructure, Naspers shareholders whose addresses are shown in the securities register of Naspers on the Record Date as being in Australia, Bermuda, Canada, Cayman Islands, the European Economic Area, Japan, Jersey, Panama, the People’s Republic of China, South Korea, Switzerland and the United States (or any other jurisdiction in which Naspers reasonably believes that it is not prohibited or unduly onerous or impractical for Shares or Naspers Shares to be issued or delivered to Naspers shareholders) will receive Shares or Naspers Shares, as the case may be, in accordance with terms and conditions of the Naspers Circular.

Naspers N Shareholders must consider the Prospectus and Naspers Circular in full as action is required from them and they should seek advice from their independent advisers in relation to the implications of the Transaction and, in particular, the Election. In addition, Naspers N Shareholders are reminded that the Naspers Circular requires them to take certain actions and provide certain information, including, for example, details of the Euronext Amsterdam Brokerage Account if such shareholder is a non-resident of the Common Monetary Area for exchange control purposes and intends to participate in the Naspers M Share Capitalisation Issue and receive Prosus N Ordinary Shares.

Prospective investors are expressly advised that an investment in Prosus N Ordinary Shares entails certain risks and that they should therefore carefully read and review the entire Prospectus. Prospective investors should not just rely on key information or information summarised within this announcement, the Prospectus or the Abridged Pre-listing Statement. Prospective investors should, in particular, read the section of the Prospectus entitled “Risk Factors” when considering an investment in the Prosus N Ordinary Shares. A prospective investor should not invest in Prosus N Ordinary Shares unless it has the expertise (either alone or with a financial adviser) to evaluate how the Prosus N Ordinary Shares will perform under changing conditions, the resulting effects on the value of the Prosus N Ordinary Shares and the impact this investment will have on the prospective investor’s overall investment portfolio. Prospective investors should also consult their own tax advisers as to the tax consequences of the purchase, ownership and disposal of the Prosus N Ordinary Shares.

The content of this announcement, the Prospectus and the Abridged Pre-listing Statement should not be construed as business, legal or tax advice. It is not intended to provide the basis of any credit or other evaluation and should not be considered as a recommendation by any of the Company (or its directors), Prosus (or its Directors) or any of the Financial Advisers, the Euronext Listing and Paying Agent, the JSE Sponsor or any of their respective representatives that any recipient of this announcement, the Prospectus and/or the Abridged Pre-listing Statement should acquire any Prosus N Ordinary Shares. None of the Company, Prosus or any of the Financial Advisers, the Euronext Listing and Paying Agent or the JSE Sponsor, or any of their respective representatives, is making any representation to any prospective investor regarding the legality of an investment in the Prosus N Ordinary Shares by such prospective investor under the laws and regulations applicable to such prospective investor. Prospective investors should consult their own professional adviser before making any investment decision with regard to the Prosus N Ordinary Shares, among other things, to consider such investment decision in light of his or her personal circumstances and in order to determine whether or not such prospective investor is eligible to purchase Prosus N Ordinary Shares. In making an investment decision, prospective investors must rely on their own analysis, enquiry and examination of the Prosus Group and the Prosus N Ordinary Shares, including the merits and risks involved.

The release, publication or distribution of this announcement in jurisdictions other than South Africa may be restricted by law and therefore persons into whose possession this announcement comes, should inform themselves about, and observe, any applicable restrictions or requirements. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, Naspers disclaims any responsibility or liability for the violation of such requirements by any person. Notices for prospective investors located in, or resident of, certain jurisdictions are set out in the Prospectus. The Prosus N Ordinary Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, (the U.S. Securities Act) or the securities laws of any state of the United States.

This announcement does not constitute an offer or form part of any offer or invitation to purchase, subscribe for, sell or issue, or a solicitation of any offer to purchase, subscribe for, sell or issue, any securities including Shares (whether pursuant to this announcement or otherwise) in any jurisdiction, including an offer to the public or section of the public in any jurisdiction.

This announcement, the Prospectus and the Abridged Pre-listing Statement include forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Naspers Group’s, and the Prosus Group’s, control and all of which are based on the Naspers Group’s, and the Prosus Group’s, current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “aim”, “annualised”, “anticipate”, “assume”, “believe”, “continue”, “could”, “estimate”, “expect”, “goal”, “hope”, “intend”, “may”, “objective”, “plan”, “position”, “potential”, “predict”, “project”, “risk”, “seek”, “should”, “target”, “will” or “would” or the highlights or the negatives thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement, the Prospectus and the Abridged Pre-listing Statement, and include statements that reflect the Company’s and/or Prosus’s intentions, beliefs or current expectations and projections about the Prosus Group’s future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Naspers Group and/or the Prosus Group operates. In particular, the statements under the headings “Summary”, “Risk Factors”, “Dividends and Dividend Policy”, “Business” and “Operating and Financial Review” in the Prospectus regarding the Prosus Group’s strategy, targets, expectations, objectives, future plans and other future events or prospects are forward-looking statements. These forward-looking statements and other statements contained in this announcement, the Prospectus and the Abridged Pre-listing Statement regarding matters that are not historical facts involve predictions. No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing the Naspers Group and/or the Prosus Group. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward-looking statements. Forward-looking statements in this announcement, the Prospectus and the Abridged Pre-listing Statement speak only as of the date of this announcement, the Prospectus and the Abridged Pre-listing Statement. Except as required by applicable laws and regulations, the Naspers Group expressly disclaims any obligation or undertaking to update or revise the forward-looking statements contained in this announcement to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based.

Each Financial Adviser, the Euronext Listing and Paying Agent and the JSE Sponsor is acting exclusively for Naspers and/or Prosus and no one else in connection with the Transaction. None of them will regard any other person (whether or not a recipient of this announcement, the Prospectus and/or the Abridged Pre-listing Statement) as their respective client in relation to the Transaction and will not be responsible to anyone other than the Company and/or Prosus for providing the protections afforded to their respective clients or for giving advice in relation to, respectively, the Transaction or any transaction or arrangement referred to herein.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190911005181/en/

CONTACT: Shamiela Letsoalo, Media Relations Director SA

Tel: +27 11 289 3750

Mobile: +27 78 802 6310

Email:shamiela.letsoalo@naspers.comEoin Ryan, Head of Investor Relations

Tel: +1 347-210-4305

Email:eoin.ryan@naspers.com

KEYWORD: AFRICA SOUTH AFRICA

INDUSTRY KEYWORD: FINANCE INTERNET PROFESSIONAL SERVICES TECHNOLOGY

SOURCE: Naspers Limited

Copyright Business Wire 2019.

PUB: 09/11/2019 03:35 AM/DISC: 09/11/2019 03:35 AM

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