(formely M-Cell Limited) - Business Report 2003 - MTN Group

DIRECTORS’ SHAREHOLDINGS
The interests of the Directors and alternate Directors in the ordinary shares of the Company were as follows:
Directors’ interest in shares as at 31 March
Beneficial
Non-beneficial
Director 2003 2002 2003 2002
D D B Band 14 023 14 023 — —
I Charnley 43 800 10 000 — —
J R D Modise 17 484 17 484 — —
R D Nisbet* 1 203 157 583 707 — —
Z Bulbulia* (subsidiary director) 28 151 4 869 — —
J B McGrath* (subsidiary director) — — 215 463 —
P D Norman* (subsidiary director) — — 25 000 25 000
K W Pienaar* (subsidiary director) — 2 125 — —
*Shares acquired through the MTN Debenture Scheme.
Note:
P F Nhleko, I Charnley, R D Nisbet, R S Dabengwa and P L Zim hold indirect beneficial interests in MTN Group shares
through the management buy-in further detailed on page 68 of this report.
In addition, following the unbundling by Johnnic Holdings Limited (Johnnic) of a 31,9% interest in MTN Group with
effect from 23 June 2003, Worldwide African Investments Holdings (Proprietary) Limited (WAIH), acquired the voting
interest, which was previously attributable to Johnnic shares, in respect of 35,5 million MTN Group shares. Of these
shares, approximately 22,8 million shares are subject to several financing arrangements whereby the economic
benefit, if any, will accrue to WAIH only once all financing obligations in respect of these shares have been met.
As a consequence of his non-executive chairmanship and a 6,31% shareholding in WAIH, Mr Nhleko has an indirect
non-beneficial interest in the MTN Group shares held and/or voted by WAIH.
DIRECTORS’ SHARE DEALINGS
For the period 1 April 2002 to 31 March 2003
Average
price
Date
Director Shares sold obtained last sale
MTN Group
R S Dabengwa 187 576 R13,63 02.12.2002
R D Nisbet 100 000 R12,55 19.03.2003
MTN Subsidiaries
Z Bulbulia 42 678 R9,09 01.10.2002
P D Norman 227 309 R13,51 27.11.2002
K W Pienaar 637 737 R10,41 25.03.2003
C G Utton 48 315 R13,25 18.02.2003
MTN GROUP SHARE TRADES SUBSEQUENT TO YEAR-END:
● Mr R D Nisbet disposed of 260 000 shares at an average price of R16,25 per share with the last trade on 27 June 2003
– 182 000 of these originated from 3 June 2003 vesting.
● Mr P D Norman disposed of 189 814 shares at an average price of R15,65 per share with the last trade on 24 June 2003
– shares originated from 3 June 2003 vesting.
● Mr K W Pienaar disposed of 534 180 shares at an average price of R16,13 per share with the last trade on 15 July 2003
– shares originated from 3 June 2003 vesting.
● Mr J B McGrath disposed of 20 000 shares at an average price of R17,00 per share with the last trade on 15 July 2003
– shares originated from 3 June 2003 vesting.
● Mr Z Bulbulia disposed of 20 000 shares at an average price of R16,25 per share with the last trade on 1 July 2003 –
shares originated from 3 June 2003 vesting.
MTN BUSINESS REPORT 2003
PAGE 65