Embarrassing postage error delays Naspers’s NewCo listing
Some circulars were sent to the wrong shareholders, and Naspers has postponed the general meeting scheduled for June 28
Africa's largest internet business, Naspers, has postponed its listing on Amsterdam's Euronext exchange after some of its circulars were sent to the wrong shareholders.
Africa’s largest public company said in March it would separately list assets, including its prized stake in China’s Tencent and its classifieds and food-delivery operations. The group had planned to list its international consumer internet assets on July 17.
“It has come to the attention of the company that an administrative error by an external service provider has resulted in certain of the copies of the circular delivered to shareholders being incorrectly labelled,” the company said.
Naspers said the service provider concerned has advised that the error occurred in pairing the names and addresses of some shareholders when physical copies 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,” it said.
Naspers said that in order to allow its shareholders equal opportunity to fully consider the circular and the listing resolution, its board has decided to cancel the general meeting scheduled for June 28, and reschedule it to August 23.
Naspers says it now expects the listing of NewCo to happen in September.