Canal+ and MultiChoice Push Long Stop Date to October 2025 for Merger Approval

The shareholders of Canal+ and holders of MultiChoice ordinary shares (“MCG Shareholders”) are referred to:

• the combined circular published by Canal+ and MCG dated 4 June 2024 (“Combined Circular”) setting out the terms and conditions of the mandatory offer by Canal+ (“Offer”) to acquire all the issued ordinary shares of MCG not already owned by Canal+, excluding treasury shares, from MCG Shareholders for a consideration of ZAR125.00 per share, payable in cash; and
• the joint announcements released by Canal+ and MCG on the Stock Exchange News Service of the JSE Limited and the A2X News Service on (i) 30 September 2024, recording that the parties had made a joint merger control filing pertaining to the Offer to the Competition Commission and were engaging with the Independent Communications Authority of South Africa and other regulatory authorities; and (ii) 4 February 2025, recording that the parties have discussed and agreed on the intended post-transaction structure of MultiChoice and further recording that the Board of Directors of Phuthuma Nathi has given in-principle support for the transaction, subject to review and consideration of the formal proposals in accordance with the relevant regulations (“Joint Announcements”).

Unless otherwise indicated, capitalised words and expressions in this announcement have the meanings ascribed to them in the Combined Circular.

EXTENSION OF LONG STOP DATE

The process of obtaining merger control clearance from the South African competition authorities and the relevant regulatory processes are ongoing. These will not be complete by the Long Stop Date of 8 April 2025, which is the date on which all the Conditions for the implementation of the Offer must be fulfilled or waived. Accordingly, in accordance with the terms of the Offer as contained in the Combined Circular, and after consultation with the TRP, Canal+ has extended the Long Stop Date for the fulfilment of the Conditions to 8 October 2025. MultiChoice and Canal+ are of the view that this provides ample time for the fulfilment of the Conditions. Save for the extension of the Long Stop Date, the terms of the Offer remain unchanged.

Our decision to extend the Long Stop Date reflects our recognition of the hard work and positive progress achieved by all the parties and stakeholders in working toward securing the necessary clearances for this transformative transaction. The timing of this transaction is critical and we will continue working tirelessly to ensure finalisation of the transaction within this timeframe to ensures it retains its intended value and impact for all stakeholders.

– Maxime Saada, CEO, Canal+

The teams continue to make great progress on this transaction. We remain committed to concluding a successful transaction that will create positive value for our customers, our shareholders and all other stakeholders in our ecosystem.

– Calvo Mawela, CEO, MultiChoice Group