Telkom shares for cash proposal snubbed

JOHANNESBURG – Telkom investors have snubbed the board’s request for a general authority in the issuance of shares in the telecoms company for cash on the grounds the move could dilute existing shareholding structure.

The shareholders told the company’s annual general meeting the request would affect the group’s current flat share price.

The resolution failed to garner enough support.

The investors instead passed all other resolutions presented.

Board chairperson Sello Moloko told investors the resolution had been passed annually but had not been activated for many years.

Source: iol.co.za