MultiChoice Board Restructures Leadership Amid Canal+ Transaction

In light of recent developments regarding the Groupe Canal+ SA (“Canal+”) mandatory offer to MultiChoice shareholders, the MultiChoice Board of Directors has made significant changes, as announced on the Stock Exchange News Service (SENS) on September 11, 2023.

Following a ruling by the Takeover Regulation Panel (TRP) and a cautionary SENS notice issued on March 5, 2024, MultiChoice has reached an agreement with Mr. Imtiaz Patel to continue serving as Chair. Mr. Patel’s tenure has been extended until the conclusion of the Canal+ transaction or until determined otherwise based on transaction progress.

Effective April 1, 2024, Mr. Elias Masilela, a longstanding non-executive director (NED) and designated Chair, will assume the role of Deputy Chair of the MultiChoice Board. Additionally, he will become the Lead Independent Director (LID), succeeding Mr. Jim Volkwyn, who will step down from the LID position but remain as a NED.

The Board acknowledges Mr. Patel’s extension and Mr. Masilela’s new roles, expressing gratitude for their contributions. They also commend Mr. Volkwyn for his service as LID and Chair of the Remuneration Committee, recognizing his dedication and leadership.