Second Time Lucky: Naspers Connects Investors to Right Addresses
(Bloomberg) -- Naspers Ltd. has corrected a problem that forced Africa's biggest company to delay a planned listing of internet assets in Amsterdam, sending mail to the right addresses to reach shareholders.
The technology and media investment firm surprised the market last month by postponing the spinoff until September, blaming an external service provider for misdirecting documents investors need to vote on the plan.
The shares fell the most in a month, although they quickly recovered and have gained 13% since.
Read More: Naspers to Separate Tencent Stake, Web Assets in Dutch Listing
“We confirm that the extraordinary general meeting process is on track and the posting of the circulars was well managed,” Naspers spokeswoman Shamiela Letsoalo said by email.
The newly formed company, called Prosus N.V., will have a main listing on the Euronext and a secondary one in Johannesburg. Naspers has grown rapidly on the back of a timely investment in Chinese internet giant Tencent Holdings Ltd., and will include that stake among other global online assets in the new entity.
Investors will vote on the listing on Aug. 23, and are able to choose between Prosus stock and additional shares in Naspers, which will have a 75% stake in the new company. Prosus is due to start trading in the Netherlands capital on Sept. 11.
To contact the reporters on this story: Loni Prinsloo in Johannesburg at lprinsloo3@bloomberg.net;Janice Kew in Johannesburg at jkew4@bloomberg.net
To contact the editors responsible for this story: Rebecca Penty at rpenty@bloomberg.net, John Bowker
©2019 Bloomberg L.P.
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