MultiChoice turns off the tap for BEE shareholders
Phuthuma Nathi investors not impressed with sliding share price, which locks in BEE discount
It hasn’t been a great few weeks for shareholders in MultiChoice Group’s (MCG) BEE vehicle, Phuthuma Nathi (PN). Since the video entertainment group announced the long-awaited terms of what’s being referred to as the “flip-up”, its sliding share price has made it steadily less enticing to the BEE shareholders.
In August MCG informed its BEE shareholders that they could swap a maximum of 20% of their PN shares at a rate of one PN share for 0.97 MCG shares. Nobody was impressed.