South Africa - Johannesburg - 12 April 2019 - 15 year old Pendo Masote, musician plays an electrical violin during a networking evening with Naspers, Morningside Sandton. Picture: Karen Sandison/African News Agency(ANA). - Global consumer internet group Naspers has delayed the proposed listing of its new global consumer internet group (NewCo) on the Euronext Amsterdam Stock Exchange
JOHANNESBURG - Global consumer internet group Naspers has delayed the proposed listing of its new global consumer internet group (NewCo) on the Euronext Amsterdam Stock Exchange after it found an administrative error by an external service provider. 

Naspers said on Friday that the error had resulted in certain of the copies of the circular delivered to shareholders being incorrectly labelled. 

“The service provider concerned has advised Naspers 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, the name and address did not match. This could in some cases lead to confusion,” the group said.

In addition to listing in Amsterdam, NewCo will have a secondary, inward listing on the JSE. The group added that an extraordinary general meeting (EGM), which was convened by an EGM circular published on May 29 and scheduled for next Friday, had 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 annual general meeting on August 23,” Naspers said. 

The postponement of the meeting, according to Naspers, is to allow all shareholders an equal opportunity to fully consider the circular and resolution. 

Naspers said it would keep shareholders updated in relation to the revised timetable for implementation of the proposed transaction and the group expects the proposed transaction to be implemented in September. 

“The Naspers board remains fully supportive of the proposed transaction and the potential benefits that could be realised by forming and listing a new, global consumer internet group on Euronext Amsterdam, with a secondary, inward listing on the JSE.” Last month, Naspers said it expected to own no less than 73 percent of NewCo and the free float was expected to be up to 27 percent, created by Naspers through a capitalisation issue of NewCo shares to Naspers shareholders. 

After listing NewCo would likely become the largest listed consumer internet company by asset value in Europe, as it consisted of all of Naspers’ internet interests outside of South Africa, including its companies and investments in the online classifieds, payments and fintech, food delivery, retail, travel, education, and social and internet platform sectors. 

On Friday, Naspers released its annual results for the year to end March, reporting a 29 percent increase in revenue to $19 billion (R271.6bn). Naspers shares fell 1.05 percent to close at R3 441.59 on the JSE on Friday.

After listing NewCo would likely become the largest listed consumer internet company by asset value in Europe, as it consisted of all of Naspers’ internet interests outside of South Africa, including its companies and investments in the online classifieds, payments and fintech, food delivery, retail, travel, education, and social and internet platform sectors. 

BUSINESS REPORT