If MTN Zakhele Shareholders do not approve the resolutions required to give effect to the MTN Zakhele Unwinding Scheme (or, for any other reason, the MTN Zakhele Unwinding Scheme fails to become operative), neither the MTN Zakhele Integrated Unwind nor the MTN Zakhele Standalone Unwind will proceed and none of the above unwind options will be available to MTN Zakhele Shareholders.
Personnel will not be required to occupy housing that does not meet adequacy standards except for military necessity.
It may be scaled down should public subscriptions under the MTN Zakhele Futhi Public Offer and/or the number of MTN Zakhele Shares in respect of which MTN Zakhele Shareholders elect the Re-investment Option not be sufficient.
Civil Action No. 19804-VCP)National Installment Insurance Services, ) Inc., ))Defendant.
In terms of the MTN Zakhele Futhi Offer, which closed at 16h00 on Friday, 28 October 2016, an invitation was made (i) to the black public (individuals and groups) to subscribe for MTN Zakhele Futhi Ordinary Shares; and (ii) to qualifying MTN Zakhele Shareholders to re-invest all or a portion of their investment in MTN Zakhele into MTN Zakhele Futhi Ordinary Shares in accordance with the terms of the MTN Zakhele Unwinding Scheme.
The following three options (or a combination thereof) are available for election by MTN Zakhele Shareholders in consideration for the disposal of their MTN Zakhele Shares to MTN Zakhele (subject to rounding and certain minimum election thresholds): Option 1 • A cash amount equal to the proceeds (net of all realisation costs and Securities Transfer Taxes (“STT”)) on disposal of their MTN Shares comprising their proportionate interest in MTN Zakhele's Net Assets.
As set out more fully in paragraphs 4.1 to 4.5 of this Circular, the MTN Zakhele Integrated Unwind (or MTN Zakhele Standalone Unwind, as applicable) will provide for the settlement of MTN Zakhele’s funding obligations and the distribution of the MTN Zakhele Net Assets (after providing for expenses of and relating to the unwinding and associated taxes) to MTN Zakhele Shareholders in accordance with their elections of MTN Zakhele Scheme Consideration under the MTN Zakhele Unwinding Scheme.
The Debtor responds that the Agreement created a security interest in the Software under N.H. RSA §§ 382-A:2A-103(l)(j) and 382-A:1-201(37).
MTN Zakhele will thus not become a subsidiary of MTN and will continue to exist unless and until MTN Zakhele Shareholders resolve otherwise.In addition, MTN Zakhele’s assets will be reduced following the repayment of its funding obligations such that MTN Zakhele will no longer hold approximately 4% of MTN’s issued share capital but on the basis that it will no longer have any funding commitments (i.e. it will be debt free).
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