Generic antecedent

Naspers and Prosus Announce the Intention to Remove the Cross-Holding Structure

Retrieved on: 
Tuesday, June 27, 2023
Internet, Payments, Professional Services, Technology, Electronic Commerce, Fintech, Retail, Delivery Services, JSE Limited, Share repurchase, JSE, NAV, Control, South African Reserve Bank, Repurchase agreement, CFC, N, Motherboard, Application, Articles of association, Generic antecedent, A1, African, Euronext Amsterdam, Result, Exchange, Exchange offer, Cryptocurrency, Bank, Insurance, Security (finance), Management, Prosus, Naspers

In addition, in August 2021 Naspers and Prosus completed an exchange offer in which Prosus issued new Prosus ordinary shares N (Prosus Ordinary Shares N) to the holders (Naspers N Shareholders or Naspers Free-Float Shareholders) of Naspers N ordinary shares (Naspers N Ordinary Shares) that accepted such exchange offer, in exchange for acquiring their Naspers N Ordinary Shares (the Exchange Offer).

Key Points: 
  • In addition, in August 2021 Naspers and Prosus completed an exchange offer in which Prosus issued new Prosus ordinary shares N (Prosus Ordinary Shares N) to the holders (Naspers N Shareholders or Naspers Free-Float Shareholders) of Naspers N ordinary shares (Naspers N Ordinary Shares) that accepted such exchange offer, in exchange for acquiring their Naspers N Ordinary Shares (the Exchange Offer).
  • excluding Naspers), (ii) new unlisted Prosus ordinary shares B (Prosus Ordinary Shares B) to Naspers, and (iii) new unlisted Prosus ordinary shares A1 (Prosus Ordinary Shares A), to the holders of the issued Prosus Ordinary Shares A (collectively, the Prosus Capitalisation Issue).
  • Naspers will antecedently and irrevocably waive its entitlement to Prosus Ordinary Shares N and consequently not receive new Prosus Ordinary Shares N under the Prosus Capitalisation Issue.
  • Naspers's voting interest and control of Prosus is determined by the total voting rights that Naspers has in Prosus pursuant to the Prosus Ordinary Shares N and the Prosus Ordinary Shares B that Naspers holds.

Naspers and Prosus Announce the Intention to Remove the Cross-Holding Structure

Retrieved on: 
Tuesday, June 27, 2023
Internet, Finance, Professional Services, Technology, Electronic Commerce, Online Retail, Fintech, Retail, JSE Limited, Share repurchase, JSE, NAV, Control, South African Reserve Bank, Repurchase agreement, CFC, N, Motherboard, Application, Articles of association, Generic antecedent, A1, African, Euronext Amsterdam, Result, Exchange, Exchange offer, Cryptocurrency, Bank, Insurance, Security (finance), Management, Prosus, Naspers

In addition, in August 2021 Naspers and Prosus completed an exchange offer in which Prosus issued new Prosus ordinary shares N (Prosus Ordinary Shares N) to the holders (Naspers N Shareholders or Naspers Free-Float Shareholders) of Naspers N ordinary shares (Naspers N Ordinary Shares) that accepted such exchange offer, in exchange for acquiring their Naspers N Ordinary Shares (the Exchange Offer).

Key Points: 
  • In addition, in August 2021 Naspers and Prosus completed an exchange offer in which Prosus issued new Prosus ordinary shares N (Prosus Ordinary Shares N) to the holders (Naspers N Shareholders or Naspers Free-Float Shareholders) of Naspers N ordinary shares (Naspers N Ordinary Shares) that accepted such exchange offer, in exchange for acquiring their Naspers N Ordinary Shares (the Exchange Offer).
  • excluding Naspers), (ii) new unlisted Prosus ordinary shares B (Prosus Ordinary Shares B) to Naspers, and (iii) new unlisted Prosus ordinary shares A1 (Prosus Ordinary Shares A), to the holders of the issued Prosus Ordinary Shares A (collectively, the Prosus Capitalisation Issue).
  • Naspers will antecedently and irrevocably waive its entitlement to Prosus Ordinary Shares N and consequently not receive new Prosus Ordinary Shares N under the Prosus Capitalisation Issue.
  • Naspers's voting interest and control of Prosus is determined by the total voting rights that Naspers has in Prosus pursuant to the Prosus Ordinary Shares N and the Prosus Ordinary Shares B that Naspers holds.