Naspers today announced it has delayed the listing of its international internet assets on Euronext Amsterdam and secondary, inward listing on Johannesburg Stock Exchange until September.
The company attributed the delay to an administrative error by an external service provider. The error has resulted in certain of the copies of the circular delivered to shareholders being incorrectly labelled, said the firm.
Naspers is planning to spin off assets including a $134 billion stake in Tencent Holdings Ltd. on the Euronext exchange.
The Johannesburg-based company said the service provider concerned has advised that the error occurred in pairing the names and addresses of some shareholders for purposes of printing labels on the envelopes in which the physical copies of the circular were delivered to certain shareholders.
“This meant that some circulars were sent to the correct addresses of the affected shareholders, but that incorrect names appeared on these envelopes (i.e. the name and address did not match),” the company added.
“This could in some cases lead to confusion.”
Furthermore, the company said the Extraordinary General Meeting (EGM), which was convened by an EGM circular published on 29 May 2019 and scheduled for Friday 28 June, has been cancelled.
Instead, shareholders will be asked to consider the listing and vote on the resolution to proceed with the listing at an EGM, which will immediately follow the Naspers AGM in Cape Town on Friday 23 August.
“So as to allow all shareholders equal opportunity to fully consider the circular and resolution, the board has decided to withdraw the notice of the general meeting and consequently cancel the general meeting to which the notice related.,” said the company.
The new group to be listed on Euronext Amsterdam, to date described as “NewCo”, will be called Prosus. Prosus is a Latin word, with various meanings. Its use, in this case, is inspired by the meaning “forwards”.
Like Naspers, Prosus will be focused on forward momentum, continually striving to create value by building technology-led companies that improve people’s everyday lives.
“We believe great ideas can change the world – addressing big societal needs, bringing people closer together, improving their lives, making them more enjoyable and enriching. We believe the best ideas often start locally, so we look for exceptional entrepreneurs that meet the needs of the people and communities they understand best.,” said Naspers.
“And when we see those same needs elsewhere, with our backing and their ambition, the businesses we invest in, help build or operate can become global game changers.”