MultiChoice reorganisation approved, paving way for Canal+ offer

MultiChoice Group Limited (MCG) confirmed that Phuthuma Nathi Investments (RF) Limited shareholders have approved resolutions for the reorganisation of MultiChoice South Africa Holdings Proprietary Limited. These resolutions, passed at a general meeting on August 26, 2025, are a key condition set by the South African Competition Tribunal for approving Canal+'s mandatory offer.

The reorganisation and the mandatory offer are expected to proceed according to the previously announced timeline. Canal+ made a mandatory offer to acquire all outstanding MCG ordinary shares, not already owned by Canal+ (excluding treasury shares), for a cash consideration of ZAR125.00 per share.

Shareholders are reminded of MultiChoice's memorandum of incorporation, which allows for the reduction of voting rights for shares held by foreigners to South Africa, ensuring foreign voting power does not exceed 20%. This provision ensures compliance with South African statutory requirements.