Welkom Yizani owns 15% of MEDIA24's ordinary shares.
What was the cost of the MEDIA24 shares purchased by Welkom Yizani and who paid the difference between this and the offer price?
The cost of a Media24 share was R50 which was paid from the subscription price of a Welkom Yizani share (R10)
and the R40 difference was funded through the issue of preference shares to Naspers.
In 2009, when the Welkom Yizani scheme was extended for 2 years (until December 2013), the preference
shareholder wrote off approximately R330m of its funding claim. This also resulted in certain preference shares
being redeemed. As at 31 March 2014, the amount still owing in relation to the preference shares was about
R29,88 per share.
What fees do the directors of Welkom Yizani receive?
The directors receive no fees or other remuneration for their services.
Participants are not and will not be entitled to enter into any agreement in terms of which their Welkom Yizani
ordinary shares are to be used as security or encumbered in any other manner. When encumbered, the shares
lose their Black empowerment status.
In terms of the scheme rules the debt has to be repaid within 10 years of the start of the scheme. In terms of the
company’s memorandum of incorporation, there is a procedure to be followed if the debt is not paid in this
period of time.
Your Welkom Yizani shares will not expire.
Only if the BEE regulations fall away will the removal of the restriction be considered.
You will continue to receive a little booklet called the integrated annual report and financial statements of
Welkom Yizani once a year in about August/September. This will provide you with an update on the performance
of the company as well as details of any proposed dividend which may become payable to you. You can also get
information on the Welkom Yizani website on www.welkomyizani.co.za or by calling the call centre at 0860 12 12 24.
The directors gave consideration to holding the meeting in the evening but encountered problems with finding
an appropriate venue. We also took security and transportation into consideration when we determined the time
and venue. Shareholders who are unable to attend can still exercise their vote by sending in their proxy forms.
The AGM is required to be held once a year at such place and at such time as the directors may from time to time
determine. As the main place of business of Media24 is Cape Town, the meeting is held in Cape Town.
This is a legal requirement for any shareholder who is unable to sign on their own, such as children and persons
under the care of the courts.
In terms of the memorandum of incorporation of Media24, the right to vote at the Media24 meetings in respect
of the ordinary shares of Media24 held by Welkom Yizani has been delegated to the members of Welkom Yizani.
You should inform the company secretary well in advance of the annual general meeting of your intention to
nominate a director to the Welkom Yizani board as the company’s governance processes will have to be followed
in order to consider such a request. The company secretary will advise you of the process to be followed.
Generally you will be required to submit documents including a comprehensive curriculum vitae and documents
substantiating your nominee’s qualifications.
The documentation posted to you includes a proxy/meeting attendance form. If you are not able to attend the
meeting, you can still exercise your right to vote by completing this form in accordance with the instructions on
the back of the form and sending it to the Welkom Yizani transfer secretary 48 hours before the annual general
meeting. Your vote will then still be taken into account.
The votes of the other shareholders will be taken into account.
Dividends are only paid when declared out of profits of Welkom Yizani and are not guaranteed. You will be
advised around August each year if a dividend is being proposed for the previous financial year, and if approved
at the AGM, it will be paid during September of that year.
A cash dividend will be paid directly into your bank account once it is declared. You may, however, then use your
dividend to buy more Welkom Yizani shares on the trading platform.
The dividend will be paid into your bank account as we have it on our records. If your bank account details have
changed, please contact us at the call centre: 0860 12 12 24 and update your bank account details so you may
receive any dividends that may be declared and approved.
It is possible that the bank account details on record are incorrect or invalid. Complete a bank account details
form, get it stamped by your bank and send the original form to the Welkom Yizani transfer secretaries with an
original certified copy of your South African identity document.
In terms of the scheme rules up to 20% of dividends can flow to ordinary shareholders and the remainder to the
preference shareholders. This caters for funding provided by the preference shareholder to be repaid.
The transfer secretary maintains the share register and statutory information relating to shareholders' FICA
(including South African ID number, bank account details and physical/postal address) and BEE status. They are
also responsible for paying dividends over to shareholders.
Physical:
71 Corlett Drive
Birnam
2196
Postal:
c/o The Trading Helpdesk
PO Box 1266
Bramley
2018
Contact the Welkom Yizani call centre on 0860 12 12 24 and an agent will be able to assist you. You will also be
required to submit new FICA documentation to replace the documentation we have on your record pertaining to
your previous guardian.
Send an original certified copy of your marriage certificate or divorce order to the transfer secretaries so that they
can ensure that the shares are registered in your new name.
You can contact the call centre on 0860 12 12 24 to confirm your details.
Contact the Welkom Yizani call centre immediately on 0860 12 12 24 and request the relevant form to change
your details.
Complete a shareholder verification form, send the form to the transfer secretaries with an original certified copy
of your South African identity document and a bank statement stamped by your bank or a letter on bank
letterhead confirming your bank account details.
Complete a shareholder verification form and send the form to the transfer secretaries with an original certified
copy of your South African identity document and proof of residential address (not more than three (3) months old).
If the company was deregistered by shareholder resolution, then the shares must be disposed of in the
manner indicated in this resolution. Send us a certified copy of this document along with the other founding
documents of the deregistered company.
If the company was deregistered by CIPC for non-lodgement of annual returns, the directors should apply
for reinstatement. In the strict terms of the law, the company in its deregistered state, as a shareholder, is in
breach of its obligations in terms of the rules of the scheme which could result in the directors being required to
cancel the shares registered in the company's name at no value. In this case there is no alternative but to restore
the registration of the company. This process is relatively simple and involves the provision of updated
information to CIPC together with the payment of company duty and penalties for the period the company has
been deregistered.
Trading is the process whereby the shareholders of Welkom Yizani sell their shares to other Black people or Black
entities that buy the shares.
On 9 December 2013 at 09:00
Welkom Yizani gives information to the current Welkom Yizani shareholders about trading on the Welkom Yizani
trading platform. Current shareholders have received information about the trading platform at the AGM in
September 2013. They also received an information brochure explaining exactly how the trading platform will
work during November 2013. Current and prospective shareholders alike will find information about the trading
platform on the company’s website at www.welkomyizani.co.za and by calling the company’s call centre on 0860 12 12 24.
Rigorous verification processes are in place to ensure that only Black people participate in the scheme.
The Welkom Yizani memorandum of incorporation determines that, should a person be found not to comply with the
BEE requirements, Naspers can only buy that person’s shares back at a very low value.
Black people and Black Entities, as permitted in Welkom Yizani's memorandum of incorporation. To confirm that
you qualify, contact the call centre on 0860 12 12 24.
You can buy or sell shares via the trading platform from 9 December 2013. This can be accessed directly through
the internet at www.welkomyizani.co.za or by calling the Welkom Yizani call centre at 0860 12 12 24.
Existing Welkom Yizani shareholders need to first verify their status to be able to buy or sell shares.
If you are not a shareholder, you need to register first before you are able to buy shares.
Verification and registration will start in November 2013 and can be done through the internet or via the telephone.
Certain FICA and BEE documentation will be required. These include:
- Certified copy of South African ID Document;
- BEE Certificate (in respect of Black entities)
- Bank statement not older than 3 months (not internet statement); or
- Signed and stamped letter from your bank confirming banking details; and
- Proof of residence.
You also need to sign the terms and conditions of the platform.
A trading account will then be opened.
The transaction fees charged for sellers with 430 shares or less than 430 shares is R76 per trade plus value added
tax, until such time that Welkom Yizani determines otherwise. For all other trades and for all buyers (irrespective
of how many shares they hold), the transaction fees are the higher of 1,5% of the value of the trade or R222, plus
value added tax. Buyers will also be liable to pay securities transfer tax. The fees are for the management of the
service and tax. The fees will increase annually in line with the consumer price index.
Your order to sell will remain on the system for 90 days (unless you ask for a shorter period) and if it is not
matched by the end of that time your order to sell will lapse and the shares will remain yours.
WHEN WILL I BE ABLE TO TRADE MY SHARES?
You will have been able to trade your Welkom Yizani shares since 9 December 2013. You are able to submit trade
instructions either via the online trading platform at www.welkomyizani.co.za or via the call centre on 0860 12 12 24.
The trading platform will remain in operation until Welkom Yizani ceases to exist. All shareholders will be
informed if there is any change in this.
Trading hours are weekdays between 09:00 and 17:00 excluding public holidays. Shareholders can load buy bids
and sell offers outside of trading hours via the online trading platform at www.welkomyizani.co.za but these will
only be matched during trading hours.
Go to www.welkomyizani.co.za and log in using your shareholder number and password.
An existing shareholder or authorised representative of a shareholder will have received a shareholder number
and password by SMS on verification. A new shareholder or authorised representative of a shareholder will
receive a shareholder number and password by SMS after their registration is complete.
Contact the call centre on 0860 12 12 24 and ask one of the agents to reset your password for you. You will be
sent a new password via SMS.
Contact the call centre on 0860 12 12 24 and ask one of the agents to provide you with your shareholder number.
Contact the call centre on 0860 12 12 24 to update your cell phone number and reset your password.
Go to www.welkomyizani.co.za, enter your shareholder number and click on Change Password. You will be
requested to enter the old password first before changing to the new password.
Pending trade instructions will remain in the matching engine for a maximum of 90 days or shorter depending on
what you stipulated at the time it was loaded. You will then be able to re-submit a trade request, either via the
online trading platform at www.welkomyizani.co.za or via the call centre on 0860 12 12 24, if you wish to do so.
The alternative is to do nothing if you no longer wish to sell or buy shares for the moment.
You can speak to any of the consultants in the Welkom Yizani call centre on 0860 12 12 24. Alternatively, you can
email a consultant at [email protected] and they will endeavour to respond in the quickest possible time.
You will receive an SMS notifying you that your trade has been matched.
This is a choice you have to make. Welkom Yizani and its agents are not financial advisors and cannot provide
investment or financial advice. Welkom Yizani merely facilitates the trading process. However, shareholders will
have access to the following information on the Welkom Yizani website or via the Call Centre:
- a history of the last 20 trades and the prices at which the shares were traded,
- the five (5) lowest prices that sellers are prepared to sell their shares at and the number of shares for sale, and
- the five (5) highest prices that buyers are prepared to pay for shares and the number of shares for sale.
Trade requests (buy bids and sell orders) are first ranked according to the price you are willing to sell at or to pay
for a share. Trade requests of the same price are ranked depending on when they entered the market. Any
subsequent trade requests will be immediately implemented if it is a buy bid at a price at or above the lowest sell
offer in the market or a sell order at a price at or below the highest bid to buy in the market.
Log on to your trading profile on www.welkomyizani.co.za using your shareholder number and password and go
to the 'Trading' - 'View / Cancel Orders' section to cancel your pending trade request. Alternatively, you can
contact the call centre on 0860 12 12 24 to update these details. Any matches that have occurred in respect of
your pending trade request prior to the cancellation cannot be reversed.
No, but you can cancel the pending trade request and re-submit it at the new price. Any matches that have
occurred prior to the cancellation cannot be reversed.
Yes, the resubmitted trade request will be treated as a separate transaction and a transaction fee will apply.
Live trade and price information will be available on the Welkom Yizani website www.welkomyizani.co.za at all
times from 9 December 2013 or you can call the call centre on 0860 12 12 24 during trading hours after this date.
Yes, log on to your trading profile on www.welkomyizani.co.za using your shareholder number and password and
go to the 'Account' - 'Preferences' section to change your communication settings. Alternatively, you can contact
the call centre on 0860 12 12 24 and ask an agent to change this for you.
Please refer to the website for the latest share prices.
Welkom Yizani never carried any guarantee in relation to returns or capital growth. The rules of the scheme as set
out in the prospectus to potential investors in 2006 were clear in this regard. Since 9 December 2013, the shares
in Welkom Yizani started trading on a willing seller/willing buyer basis. Accordingly, the performance of the share
is a function of buyers and sellers in the market and unfortunately, there are more sellers than buyers at this time.
There is no intervention by either Media24 or Welkom Yizani. The current share price therefore reflects the state
of the market.
It should also be remembered that throughout the period, shareholders have received dividends in the total
amount of R2,39 (up to September 2014) on their shares. However, investing in shares remains a risky alternative
and no guarantees can be provided.
Contact the Welkom Yizani call centre on 0860 12 12 24. These requests are handled by the transfer secretaries.
Contact the call centre on 0860 12 12 24. Your relative's estate will be permitted to transfer the shares to an
eligible black person having at least a similar or higher BEE status/rating than your deceased relative, in terms of
the memorandum of incorporation. The executor of your relative's estate will need to complete certain documents.
Media24 launched the Welkom Yizani scheme in 2006 as part of its broad-based black economic empowerment
process, which resulted in black South Africans owning indirectly 15% of Media24 Holdings. If Media24 buys the
Welkom Yizani shares, shareholding from black South Africans will be eroded and Media24 will lose its BEE status
You can buy shares directly through the internet or via the call centre, where the agent will take you through a
step by step process. These are the key steps you will follow when you buy shares through the internet or via the call centre:
Deposit money into the Welkom Yizani bank account.
Place your order by providing the following information:
- the number of shares you wish to buy;
- the price per share you are willing to pay for the shares.
- how long you want your order to last (Enter expiry date).
Confirm and accept cost of the shares, including taxes and administration fees.
Your order will be entered on the platform for potential sellers to view.
The buyer's order will be matched and processed if: the price the buyer is willing to pay is the same or higher
than the price as that which a seller is willing to sell.
You can only buy on behalf of a black South African individual or group under certain circumstances - for
example as a guardian of a minor, representative of a group or company. You have to first register or verify your status
as an authorised person.
Transaction cost on each buy transaction payable by the buyer is 1.5% of the value of the trade (the price of the
shares being bought) subject to a minimum of R222, plus value added tax. Transaction fees will increase every
year in line with the Consumer Price Index.
A buyer will pay Securities Transfer Tax (STT) at 0.25% of the value of the trade (the price of the shares being
bought) before the shares are transferred into his own name. This will happen as part of the buying process.
Deposit money into the Welkom Yizani bank account before you submit your buy bid. Once the funds have been
allocated to your trading account you will be able to submit your buy order either via the online trading platform
at www.welkomyizani.co.za or via the call centre on 0860 12 12 24.
Only cash deposits and EFTs are allowed. No cheques are allowed.
Deposit money into the Welkom Yizani bank account and ensure that you use you shareholder number as the
beneficiary reference. Deposits take two (2) to three (3) working days to appear on your trading account cash
balance and you will be notified as such via SMS. Once the funds have been allocated to your trading account
you will be able to submit your buy order either via the online trading platform at www.welkomyizani.co.za or via
the call centre on 0860 12 12 24.
That depends on the funds you have available to spend or the number of share you wish to buy. On the trading
platform at www.welkomyizani.co.za there is a share purchase calculator tool that will assist you in estimating the
deposit required based on your requirements.
You may request the bank account details for Welkom Yizani from the call centre on 0860 12 12 24 after you have
been successfully identified and verified in terms of FICA.
Deposits take two (2) to three (3) working days to appear on your trading account cash balance and you will be
notified as such via SMS. Once the funds have been allocated to your trading account you will be able to submit
your buy order either via the trading platform at www.welkomyizani.co.za or via the call centre on 0860 12 12 24.
Email or fax proof of payment to www.welkomyizani.co.za or 011 321 5664 and put your shareholder number in
the subject heading. The deposit will then be manually allocated to your trading account and you will be notified
thereof by SMS or email.
No, trades will not be subject to credit risk and therefore a buyer must deposit money into the Welkom Yizani
bank account before submitting a buy bid. You will only be permitted to buy shares if you have enough money in
the trading account to cover the purchase price, the transaction fee (plus value added tax) and the securities
transfer tax (STT).
It is possible for parties to agree a sale offline and put it through as an off market sale. You must contact our
transfer secretary at the call centre if you want to transfer shares not using the trading platform.
Yes, there is a 10% maximum ownership (directly or with others) shareholding rule applicable per shareholder.
Any request to buy more than this will not be permitted.
Deposit money into the Welkom Yizani bank account and ensure that you use you shareholder number as the beneficiary reference.
It is possible that your BEE status has not been verified or, in the case or entity shareholders, your BEE certificate is
missing from our records or has expired. Contact the call centre on 0860 12 12 24 to verify your BEE status.
You can sell shares directly through the internet or via the call centre, where the agent will take you through a
step by step process. These are the key steps you will follow when you sell shares through the internet or via the call centre:
To sell your shares, you need to provide the following information:
- The number of shares you wish to sell
- The price per share you are willing to sell the shares for
- How long you want your offer to stay open (expiry date)
Confirm and accept the likely value of your transaction, less taxes and administration fees.
Your order will be entered into the market for potential buyers to view.
The seller's order will be matched and processed if the price of the seller is the same as or lower than the price a
buyer is willing to pay for the shares.
You can only sell on behalf of a black South African individual or group under certain circumstances - for example
as a guardian of a minor, representative of a group or company. You have to first register or verify your status as
an authorised person.
Transaction cost on each sale transaction is 1.5% of the value of the trade subject to a minimum of R222 plus
value added tax. For sellers with 430 shares or less the transaction cost on each sale transaction is R76 plus value
added tax until Welkom Yizani decides otherwise. Transaction fees will increase annually in line with the
Consumer Price Index.
You should seek tax advice in your personal capacity from a qualified tax practitioner. Welkom Yizani cannot
provide you with tax advice. Tax will not be deducted as part of the selling process.
You can expect to receive the money in your bank account three (3) to five (5) working days after your sell order
has been matched and you have been received an SMS or email notifying you of this.
Yes, the seller can choose to keep the proceeds in his trading account for future use for a limited time. You can
request a withdrawal at any time either via the online trading platform at www.welkomyizani.co.za or via the call
centre on 0860 12 12 24.
No. Interest is applied to help pay for costs of running the trading platform.
Once the selling process is complete, you can select the following payment options:
- The money will be transferred to your banking account; or
- The money will be kept in your trading account if you want buy more shares; or
- Part of your money will be transferred to your banking account and the balance to remain in your trading account.
If you elect to have the money transferred to your bank account then it takes three (3) to five (5) working days
for the money to reflect in your bank account. If you elect to keep the money in your trading account and there is no
activity on your trading account after seven (7) days, your money will be automatically refunded to you.
You can request a withdrawal at any time either via the online trading platform at www.welkomyizani.co.za or via
the call centre on 0860 12 12 24.
You can expect to receive the money in your bank account three (3) to five (5) working days after your withdrawal request.
You should ask your trustee of your estate to contact the call centre on 0860 12 12 24. Your estate will be
permitted to transfer your shares to an eligible Black Person having at least a similar or higher BEE status/rating
than yourself, in terms of the MOI.