Limited trade commences in Vodacom YeboYethu Scheme
Five years have elapsed since the launch of Vodacom's R7.5 billion BEE scheme, YeboYethu, and limited trading in the shares has now commenced. YeboYethu was designed with the express intention of providing true grassroots empowerment, and through this scheme over 100,000 people bought a stake in Vodacom SA. As of today, these shareholders can now trade their shares via the over-the-counter (OTC) platform operated by Equity Express.
Speaking about this, Vodacom Group CEO Shameel Joosub said:
"We're proud of what YeboYethu has achieved in terms of true broad-based empowerment. This scheme has already paid out almost R65 million in dividends and now small shareholders across South Africa can either increase their stake or unlock the value of their investment."
It's important to note that YeboYethu shares relate to Vodacom SA only, and are distinct from Vodacom Group shares which trade on the JSE Limited. The price of YeboYethu shares is not directly linked to the price of Vodacom Group shares.
Zarina Bassa, Chairman of YeboYethu said:
"We started the verification process for YeboYethu shareholders back in November so that they are ready to trade straight away. We've also registered more than 2,000 buyers so far, with interest growing daily.
"We partnered with an experienced trading platform that handles high volume accounts for several other major BEE schemes, and we've also conducted extensive stress testing on the trading system, so we're aiming for a smooth start.
"Our main focus from here is to spread the word to make sure that all YeboYethu shareholders are aware of the options available to them, and also to empower shareholders with educational information on how to trade. We see YeboYethu as a long-term investment and we'd obviously like to keep existing shareholders on-board, but as of today those who do want to trade have the option open."
Information on the trading process as well as who is eligible to trade is available on www.yeboyethushares.co.za. Trading can either be done via this website or via the call centre 082 241 0001 (free from a Vodacom phone) or 011 321 5563.
All trading is done on a "willing seller" and "willing buyer" principle until both parties get the price they are looking for. The first seller to place a "sell offer" is matched with the first buyer who puts in a "buy bid" equal to, or higher than, the seller's offer. Trading carries administration charges and is subject to tax.
Further information on YeboYethu including analyst reports to help provide an external view on the value and prospects of the shares is available on www.yeboyethu.co.za
Senior Specialist: Media Relations
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