We have received numerous calls and emails from our readers asking questions about the application process for MTN Zakhele Futhi. We have lifted from the MTN Zakhele Futhi’s prospectus a quick overview highlighting the application process. By Staff Writer
Who can apply for MTN Zakhele Futhi shares?
- Black People: Black People (African, Coloured and Indian people) who are natural persons and citizens of South Africa by birth or descent; or who are citizens through naturalisation before 27 April 1994 or after that date, but who would have qualified for naturalisation before that date. Minors (i.e. a Black Person below 18 years of age) must be assisted by their parent or legal guardian.
- Black Groups: Black Companies and Black Entities, as defined. In summary terms, these are companies or entities incorporated or formed in South Africa and in which Black People own at least 51% of the equity, exercise at least 51% of the voting rights and participate in at least 51% of the economic interests therein, on a flow-through basis.
What is the difference between a cash applicant and a re-investment applicant?
- A Cash Applicant is an Applicant who would like to apply for MTN Zakhele Futhi Shares in cash.
- A Re-investment Applicant is an MTN Zakhele Shareholder who wishes to receive MTN Zakhele Futhi Shares in respect of all or part of their scheme consideration under the MTN Zakhele Unwinding Scheme and who thus participates in the MTN Zakhele Re-investment Offer.
If I am an existing MTN Zakhele shareholder, can I also apply for MTN Zakhele Futhi shares in cash?
- Yes. MTN Zakhele Shareholders can also apply for MTN Zakhele Shares in cash and are not limited to (or required) to apply for MTN Zakhele Futhi Shares only through the MTN Zakhele Re-investment Offer.
Who can help me provide the data required to fill out the application form?
- You may submit some of the data required for purposes of populating an Application Form by contacting the Nedbank Contact Centre on 083 900 6863 (toll-free number for MTN subscribers only) or by visiting www.mtn.com/zakhelefuthi. All other required data must be provided at a Participating Nedbank Branch.
What documents must I submit with my application form?
- FICA documents
- Bank Statements stamped by your bank
- Black Groups will need to submit a Valid BEE Ownership Certificate
Do I need to submit a BEE ownership certificate?
- Black People (i.e. individuals) who are applying for MTN Zakhele Futhi Shares do not need to submit a Valid BEE Ownership Certificate.
- If you are a Black Group applying for MTN Zakhele Futhi Shares you will need to submit a Valid BEE Ownership Certificate obtained from a Valid BEE Verification Agency
Can I withdraw my application after submitting it?
- Applications for MTN Zakhele Futhi Shares under the MTN Zakhele Futhi Offer are irrevocable and may not be withdrawn once received by or on behalf of MTN Zakhele Futhi.
What if I make a mistake when providing the data required to fill out the application form?
- If any of your details change after the close of the Offer Period please contact the Nedbank Contact Centre on 083 900 6863 (toll free number for MTN subscribers only).
How do I pay?
If you are a Cash Applicant: When you submit your application, you will be sent payment instructions via SMS, and will need to pay for your shares in accordance with those instructions and as set out below:
- Payment may be made in one of the following manners:
- Cash payment: All physical cash payments (maximum R24 999 per deposit) must be made by latest 16:00 on 21 October 2016. Cash payments can be made: – by using a Nedbank Intelligent Depositor using your unique reference number; or – at any Participating Nedbank Branch using your unique reference number.
- EFT: EFT payments must be made by latest 16:00 on 18 October 2016.
I am a cash applicant – when do I have to pay?
- You (and/or other persons on your behalf) can pay the full amount when you submit your Application Form and receive your unique reference number, or make one or more payments at a later date, but before the close of the Offer Period at 16:00 on 21 October 2016.
- If you (and/or other persons on your behalf) are paying by EFT, payment must be made by latest 16:00 on 18 October 2016 (three days prior to the close of the Offer Period to allow enough time for the money to reflect in the MTN Zakhele Futhi Account).
How much will it cost me?
- Each MTN Zakhele Futhi Share costs R20.00. • If you are a Cash Applicant: – you must apply for at least 100 MTN Zakhele Futhi Shares; – simply, it will cost you R2 000 for every 100 MTN Zakhele Futhi Shares; – payments can only be made in multiples of R100.
- If you are a Re-investment Applicant: – you must elect to re-invest in respect of at least 50 MTN Zakhele Shares.
How are applications processed?
Once the MTN Zakhele Futhi Offer closes on 21 October 2016, the share allocation process will start, which can take up to 60 days to complete.
Are there any hidden costs in applying for the MTN Zakhele Futhi shares on offer?
- There are no hidden commissions or incentives for which you will be liable.
I am an MTN Zakhele shareholder – am I guaranteed the right to re-invest my MTN Zakhele shares into MTN Zakhele Futhi?
- No. The opportunity to re-invest all or some of the value of your MTN Zakhele Shares into MTN Zakhele Futhi is subject to the MTN Zakhele Unwinding Scheme proceeding and to the 2016 MTN BEE Transaction proceeding.
- If the MTN Zakhele Unwinding Scheme is not approved by MTN Zakhele Shareholders or does not otherwise proceed, there will be no option to re-invest the value of your MTN Zakhele Shares into MTN Zakhele Futhi. If so, and you would like to apply for MTN Zakhele Futhi Shares, you should do so in cash as a Cash Applicant within the Offer Period.