I am trying to discover what progress is being made with regards to my Phuthuma Nathi shares.
I am afraid we all might end up losing money like the SASOL share scheme
The Sasol shares was initially bought at R350.00
However it is now trading at R260.00 on the JSE BBE trading platform.
(lock in period was 3 years and now black share holders are losing +/-R100.00 on each share they trade.
Very few shares are traded on the JSE BEE platform whilst the SASOL shares on the open market are trading by the thousands per day.
It is common knowledge that the average South African does not trade on the JSE. A vast majority of them will get a broker to sell shares for them and therefore the tiny black elite will be waiting to scoop up these shares at massive discounts. I don't think this is empowering the black mass people. It is more like empowering the tiny black elite.
When the BEE scheme was announced we knew that the lock in period was 5 years.
Five years have come and is almost gone, shouldn't we have had another plan in place by now or at least 10 months ago. (When the shares can be openly traded)?
A GREAT example was the MTN share scheme we had a few years ago. (I think it was Ashonge) It was open and transparent and we could trade the shares at competitive prices on the JSE after the lock in period.
My fear now is for all those that purchased media 24 shares. Company is not doing so well and listing these shares on the JSE under the BEE banner will result in thousands of black investors losing more money.
I have searched on numerous websites tried forums, telephoned around including the 0860116 226 number but to no avail.
Not even the staff manning the above number could provide me with the questions I tabulate below.
The closest I came to finding any information was the info below.
MultiChoice SA group executive chairperson Nolo Letele ¬confirmed that the print and ¬electronic media firm was ¬exploring options of listing its BEE shares on the JSE.
It is long overdue that the guys at the top should provide information:
1. What is going to happen to our shares come the 8 December 2011
2. Have the general public (120 000 share holders) participated in any of the decision making.
3. What progress have been made if any
4. And why was stake holders not notified.
PLEASE send this email out to everyone on Face Book, forums, twitter etc you know so that we can rally support and get some answers before we lose money.
You can send the info to my email then I can forward it on to one or all of M Langa, Letele Pacak or Volwyn at Multichoice.