In a circular to shareholders, Naspers states it will hold an extraordinary general meeting on Friday 23 August to approve the listing, immediately after the group’s annual general meeting.
To accommodate the different tax circumstances of shareholders, Naspers will offer one of two options:
- Naspers N shareholders will be issued with newly created Naspers M ordinary shares which, post-listing, will be exchanged for Prosus shares (the default option)
- Shareholders can also elect to be issued with additional Naspers N ordinary shares (0.36986 Naspers N shares for every existing Naspers N share) instead of receiving Prosus shares.
While there should be no tax event for investors choosing Naspers N shares, there may well be tax implications for South African tax residents receiving Naspers M shares converting to Prosus shares. We’ve compiled a fact sheet setting out what you need to know.
If you’re a client of Sanlam Private Wealth, your portfolio manager will be in touch with you to discuss your options and possible tax implications. If you’d like to speak to one of our portfolio managers, contact us on +27 21 950 2770.
