Canal+ Acquires 6.5% Stake in MultiChoice

Image sourced from The Vanguard Nigeria

MultiChoice has revealed that Groupe Canal+ SA – a French media company – has acquired 6.5% of Group’s ordinary shares.

The African entertainment company emphasised that Canal+ would have to accept reduced voting rights of shares as it’s a foreign entity.

“Shareholders should take note that, pursuant to a provision of the MultiChoice memorandum of incorporation, MultiChoice is permitted to reduce the voting rights of shares in MultiChoice (including MultiChoice shares deposited in terms of the American Depositary Share (“ADS”) facility) so that the aggregate voting power of MultiChoice shares that are presumptively owned or held by foreigners to South Africa (as envisaged in the MultiChoice memorandum of incorporation) will not exceed 20% of the total voting power in MultiChoice,” reads a statement from the company.

“This is to ensure compliance with certain statutory requirements applicable to South Africa.”

According to TechCentral, “Groupe Canal+ became shareholders in MultiChoice Group in April this year. [MultiChoice] received notification that [Canal+] shareholding has now increased to 6.5%, thereby exceeding the 5% threshold that requires [MultiChoice] to inform shareholders through the JSE, as well as the Takeover Regulation Panel.”

MultiChoice South Africa CEO Resigns

MultiChoice South Africa has revealed that CEO Mark Rayner has resigned – “it is with great regret that today we announced the departure of Mark Rayner from MultiChoice, effect 30 November 2020.”

“Having been part of the MultiChoice family for the past 14 years leading in various parts of the group, Mark Rayner has now decided to further his journey outside the group.”

MyBroadband reports that Rayner began working at the company in 2007 where “he served as the CFO of DStv Mobile until September 2008, after which he took the helm at the company”.

The African entertainment company ads that an announcement on Rayner’s successor will be made in the near future.

Edited by Jenna Delport
Follow Jenna Delport on Twitter
Follow IT News Africa on Twitter