Vodacom has announced that its YeboYethu public offer, which closed on 11 September, has been highly popular and that subscription levels have exceeded the amount of shares available.
The offer was nearly three times oversubscribed with approximately 100 000 applications submitted. Almost 60% of applications were for the minimum amount of 100 shares, and just under 50% of individual applications were from women.
Alan Knott-Craig, CEO of Vodacom Group, says: "Vodacom's BEE transaction, which includes the YeboYethu public offer, has been a huge success and I'm pleased to say has surpassed our expectations. Our goal in structuring this transaction was to promote truly broad-based empowerment, and the overwhelming public response particularly at the minimum investment level means that we have achieved this goal."
The processing of applications has been underway since the closure of the offer and has involved intensive activity including checking details and collating information.
Applicants will be notified of the amount of shares allocated to them within the next few weeks and refunds for those shares applied for but not allocated will be processed at the same time.
Due to the oversubscription, not all applicants will receive the amount of shares applied for.
Shares will be allocated as per the guidelines set out in the YeboYethu prospectus. Interest on funds for shares applied for but not allocated will be calculated from the closing date until the date of the refund.