MTN Limited Renounceable Rights Issues qualifying date and closure of register of members

Ghana, 20 April, 2016

Following approval by the shareholders of MTN Limited’s (”MTN” or the ”Company”) at the Annual General Meeting of the Company held at the Golden Tulip Hotel, Kumasi on 27 January, 2016 and approval by the Board of Directors of MTN on 22 September, 2015, MTN is pleased to announce a GHS 180,000,000 Renounceable Rights Issue of 96,256,685 ordinary shares of no par value at GHS 1.87 per share (the ”Offer”).

The Offer will be in a ratio of 1 new share for every 2.1956 existing shares held by a qualifying shareholder.

Pursuant to section 34 of the Companies Act, 1963 (Act 179) and regulation 40(b) of the Ghana Stock Exchange Listing Rules, 2006 , the register of members of MTN will be closed to the general public on 29 April, 2016.

The ex-rights and qualifying dates for the Offer have been set for 3.00pm on 25 April, 2016 and 28 April, 2016 respectively. Only shareholders on the register of members of MTN as at the close of business on 28 April, 2016 will be entitled to exercise their rights under the Offer.

Applications will only be accepted from qualifying shareholders or investors who have had rights renounced in their favour, subject to the Ghana Stock Exchange Listing Rules, the terms of the Offer and other applicable laws.

The proceeds from the Offer will be used to reduce the MTN’s intercompany debt and overdraft.

The Securities and Exchange Commission approved MTN’s Circular setting out further details of the Offer on 08 April, 2016. The Ghana Stock Exchange has also given MTN approval to list up to 96,256,685 additional shares on its First Official List following a successful Offer. The Offer will commence on 06 May, 2016 and close on 03 June, 2016.

IC Securities (Ghana) Limited is acting as Financial Advisor and Receiving Agent to MTN and the Offer.

The Circular will be sent to qualifying shareholders after the book closure date.

Rights Issue Salient Dates

Activity Date Time
Ex-Rights Date 25th April, 2016 3.00pm
Qualifying Date 28th April, 2016 3.00pm
Book Closure Date 29th April, 2016 5.00pm
Commencement of Offer 6th May, 2016 9.00am
Commencement of Trading in the Rights 6th May, 2016 9.00am
Closure of the Trading in the Rights 31st May, 2016 3.00pm
Deadline for Acceptance of Application Forms 3rd June, 2016 5.00pm
End of Offer 3rd June, 2016 5.00pm 3rd June, 2016 5.00am
Allotment Begins 3rd June, 2016 9.00am
Allotment Ends 10th June, 2016 5.00pm
Results of the Offer Submitted to SEC 15th June, 2016 5.00pm
Crediting of Shares onto the CSD 20th June, 2016 3.00pm
Commencement of Trading in the Shares 22nd June, 2016 9.00am

All times provided are in Greenwich Mean Time, the time zone of the Republic of Ghana. Any amendment will be published in a national daily newspaper not later than 72 hours after receipt of regulatory approval.

  1. MTN Limited
  2. P. O. Box 3610
  3. Accra, Ghana
  4. Tel: 0302 221 788

  1. IC Securities (Ghana) Limited
  2. No. 2, 2nd Ridge Link
  3. North Ridge
  4. Accra, Ghana
  5. Tel: 0302 252 621

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