Vodacom YeboYethu to be listed on the JSE’s BEE board

Vodacom’s YeboYethu BBBEE (Broad-Based Black Economic Empowerment) scheme is to move its over-the-counter stock to the JSE’s black economic empowerment (BEE) board. By Staff Writer

The company said the YeboYethu shares are likely to be traded on the JSE BEE board from 11 August 2016.

The Vodacom YeboYethu empowewrment scheme was established in 2008 and allowed black people to purchase Vodacom SA shares at a discount. YeboYethu does not own nor have any beneficial interests in nor rights to Vodacom Group shares.

Since YeboYethu’s incorporation, over 100 000 black people have been able to hold, through investing in YeboYethu shares.

YeboYethu issued 14.4 million ordinary shares at R25 to the black public and black business partners of Vodacom before the listing of Vodacom in 2008, and 12 million convertible N shares to Vodacom SA’s employee share incentive trust.

As a result of the public offer, about 102 000 qualifying black investors became YeboYethu ordinary shareholders.

The Vodacom SA BEE Transaction, valued at about R7.5 billion, was concluded as part of Vodacom SA’s on-going efforts to further its BEE objectives in South Africa, and in particular, resulted in YeboYethu owning a maximum of 3.44% of Vodacom SA.

The employee chapter in Vodacom’s BEE scheme will be converted into tradable YeboYethu shares in 2019 following a delayed pay day.

The main rationale for implementing the BEE listing is to provide the YeboYethu shareholders with regulatory certainty regarding their ability to continue trading in YeboYethu ordinary shares during the lock-in period and thereafter. As a result of regulatory changes implemented by the FSB in 2014, it will no longer be possible to continue trading YeboYethu ordinary shares on the OTC trading platform without seeking an exchange licence.



Please enter your comment!
Please enter your name here