Prosus N.V.: Potential Removal of Cross-Holding to Be Explored Further
Prosus N.V. (Prosus) (AEX and JSE: PRX) announced today, Wednesday, 26 July 2023, that shareholders referred to the the joint announcement published by Prosus and Naspers Limited on 27 June 2023, regarding their intention to explore a proposed transaction in terms of which the cross-holding structure between Naspers and Prosus is to be removed, known as the Proposed Transaction.
Naspers has today published a circular providing the company’s shareholders with further information relating to the Proposed Transaction. The accompanying Naspers Circular is available on the company’s website.
As previously stated, in order for the Proposed Transaction to be effected, required shareholder resolutions must be passed at both the Naspers and Prosus’s annual general meetings. Accordingly, voting on the necessary disputed shareholder resolutions will undertaken at the Naspers AGM, scheduled for 14:00 SAST Thursday, 24 August 2023, while voting for Prosus’s shareholder resolutions will take place at the scheduled hybrid annual general meeting of Prosus, to be held at 14:00 CET on Wednesday, 23 August 2023.
Subject to obtaining the necessary approvals, further details related to the implementation of the Proposed Transaction as, including the applicable salient dates, times, and the entitlement ratio for a Prosus capitalization issue, will be outlined following the passing of the Naspers AGM.