Vodacom's YeboYethu raises R946m
Cellular giant Vodacom has described its YeboYethu share offer as a “resounding success”, attracting 102,531 valid applications and being almost three times over-subscribed.
The share offer, open exclusively to the black public, black-controlled groups and the company's black business partners, raised R946 million, with 86% of valid funds received coming from individuals and 14% from black-controlled companies.
In a SENS announcement to shareholders, Vodacom says 49% of valid individual applications were received from black women; and almost 60% of valid applicants were for the minimum subscription of 100 shares.
“All eligible applicants will receive the minimum amount of 100 shares (R2 500), underscoring Vodacom's objective of achieving a truly broad-based empowerment transaction,” says the company.
It explains that, to achieve a broad-based shareholding of YeboYethu, shares were allotted using a "bottom-up" approach so as to prioritise the acceptance, in whole or in part, of applications for smaller numbers of shares over those for larger numbers of shares.
Preference was given to black business partners, black women, and black groups with a higher percentage of black women and black ownership and control.
Business partners subscribed for approximately 566,000 shares, resulting in all Vodacom business partners receiving their full allocation, the company states.