MTN Zakhele on the payment of cash to shareholders who elected the cash option

January 24, 2017 Comments Off Business, General Africa, Invest Africa Like

By Sydney Mhlarhi, director of Tamela, advisors to MTN Zakhele.

A communications campaign was launched in advance of the unwind of MN Zakhele requesting that MTN Zakhele shareholders update and verify their banking details, which the majority of shareholders did.

Most of MTN Zakhele shareholders were successfully paid on or about 13 December 2016, as planned and communicated in the MTN Zakhele Circular.

To date, 84% of the total amount due to be paid out to MTN Zakhele ordinary shareholders who elected to receive cash for their shares during the MTN Zakhele unwinding process in 2016 has been successfully paid. Prior to making the payment to shareholders, a bank account verification process was undertaken and only those shareholders whose bank accounts failed verification (about 24 000 shareholders) were not paid. Payments will continue to be made as and when the necessary change of details forms are processed and the bulk of these payments will be made before the end of February 2017. All shareholders who did not receive their payments on December 13 are being paid with interest.

The necessary decision to verify banking details was made entirely for the protection of shareholders who may have closed or changed their bank accounts during the 6 year life of the scheme. In certain cases, bank account numbers of previously closed accounts may have been assigned to other banking clients.

Shareholders whose accounts failed verification were required to provide FICA documents to update their bank details, including providing a stamped bank letter or a certified bank statement less than three months old, in order to be sure that payments are processed into valid and verified bank accounts belonging to shareholders and to avoid any instance of fraud or incorrect payments.

Following the initial pay-out, additional communication was sent to shareholders whose bank accounts had failed the initial verification to update and verify their details so they could receive the funds due to them. A high number of change of details forms were subsequently received, which the MTN Zakhele service providers are working hard to verify and update records in order to ensure that payments are processed as quickly as possible. The service providers have employed additional resources to process these change of details forms timeously and to ensure that the remaining MTN Zakhele shareholders who elected to receive cash are paid as soon as possible.

We are aware of the frustration of MTN Zakhele shareholders who need to verify their accounts and receive the cash amount due to them and we apologise for any inconvenience experienced during the process. We can assure you that we are doing our utmost to ensure that this process goes smoothly and that shareholders are paid quickly. We call on all shareholders who still need to provide the necessary documentation to do so as soon as possible.

MTN Zakhele contact points, including the call centre on 083 123 6869, the MTN Zakhele website at www.mtnz.co.zaand the e-mail [email protected] remain active to assist MTN Zakhele shareholders.

Share:FacebookFacebook
TwitterVisit UsYouTubeYouTube
LinkedInRSS
LikeMTN Zakhele Business, General Africa, Invest Africa MTN Zakhele on the payment of cash to shareholders who elected the cash option« Previous Story
Africa Re supports agri insurance in Senegal
Next Story »
Trends affecting high net worth individuals in 2017
Related Posts

NEWS INVEST RISKAFRICA TV

EVENTS EVENTS CALENDAR
Search…

FacebookFacebook
TwitterVisit UsYouTubeYouTube
LinkedInRSS
LATEST
POPULAR
South Africans among the hardest working employees globally
March 23, 2017
Santam enhances structured solutions offering with RMB-SI acquisition
March 22, 2017
The worst job appointments ever made
March 22, 2017
Sanlam raises East African presence
March 22, 2017
Smoke CCS gears up for growth with appointment of new…
March 22, 2017
Another feeder fund on the market
March 20, 2017
Allan Gray comments on Net1
March 20, 2017
War of the worlds, the advent of AI
March 16, 2017
Proper coverage for heavy haulage
March 16, 2017
Gauteng councillor of the year
March 16, 2017
Mutual & Federal changes name to Old Mutual Insure
March 16, 2017
Cape Town Cycle Tour cancellation and why you need event…
March 15, 2017
What experience looks like
March 13, 2017
SA waterman makes history on unassisted SUP trans-Atlantic voyage
March 10, 2017
Assupol CEO Rudi Schmidt resigns
March 9, 2017
Warn your clients, a storm is brewing
October 13, 2016
Hollard Insurance Group announces executive committee changes
August 4, 2015
Energy & power most active SSA M&A sector
July 18, 2014
RDR will disrupt the insurance industry
November 12, 2015
Consultant suggests wind not cause of bridge collapse
October 15, 2015
Why Zurich is thinking of leaving SA
February 25, 2016
Women leading in Africa
August 6, 2015
Discovery penalised for short-term insurance contravention
November 16, 2015
RISKSA Magazine’s coverage of industry news just got a little…
July 24, 2015
Political risk, cyber risk take focus at the AIO Conference…
June 10, 2015
Hollard CEO to step down
February 9, 2017
Technology, supply chain and regulatory risks top concerns
July 7, 2015
Old Mutual COO resigns
September 15, 2015
Europ Assistance appoints Christelle Fourie-Colman
February 2, 2016
Africa shows biggest downgrades on latest global risk map
March 4, 2015
Home · Features · Contact · Subscribe · Private Policy · Terms & Conditions

Copyright © 2017 – RISKAFRICA Magazine. All Rights Reserved. Designed & Powered by RISKAFRICA Magazine