Shareholders are advised that at the nineteenth annual general meeting of Telkom SA held on 30 August 2011, ordinary and special resolutions as set out in the notice of the annual general meeting were passed by the requisite majorities, except ordinary resolutions numbers 9 and 11 relating to the adoption of the employee share plans, and the authority of directors to issue shares for cash which were withdrawn at the meeting.
After the posting of the notice of the meeting Telkom received a number of divergent views and inputs from shareholders regarding the share plans; and had also expressed reservations regarding the extension of a general authority to the Board of Directors of the company to issue shares for cash. Telkom needs to further refine and align the views of shareholders with the aforementioned resolutions.
Shareholders are further advised that Mr Peter Joubert, who in terms of the companys memorandum of incorporation was due for retirement, but being also eligible for re-election, had indicated that he was not available for re-election, and has retired as a director with effect from 30 August 2011.
On behalf of shareholders, Telkom employees and stakeholders, the Board expresses their gratitude and appreciation to Mr Joubert for his valuable contribution to the Telkom business during his tenure as a board member.
Pretoria
31 August 2011
Sponsor: UBS