Welkom Yizani board recommends dividend of 42.5c for 2018

Ujuh Reporter

The board of broad based black economic empowerment (B-BBEE) investment scheme, Welkom Yizani, has recommended that an ordinary dividend of R6.2m be declared to ordinary shareholders.

This will result in a dividend of 42.5 cents per ordinary share, before dividend tax. After deducting dividend tax, Welkom Yizani ordinary shareholders will receive a net dividend of 34 cents per ordinary share. The declaration of dividends is subject to approval by shareholders at the annual general meetings.

The Welkom Yizani annual general meeting will be held on 28 August 2018.

This recommendation was publicised inside the 2017/18 Media24 financial statement. It will come as a relief to many of the disappointed Welkom Yizani investors. 

The Welkom Yizani scheme has failed to live up to the expectations of an economic reparation initiative.  Established in 2006 the scheme was designed as a BBBEE partner to Nasper’s Media24 which operates a number of popular print media titles like City Press, Daily Sun, Sunday Sun, Beeld, Rapport and a host of knock and drops and magazines. It also owns some of the biggest online titles in the country like news24, fin24, channel24, travel24, wheel24 and HuffPost South Africa.

The Welkom Yizani scheme attracted more than 100 000 black people, who subscribed for shares at R10.00 per share. 12 years later these shares are still stuck around the R10.00 mark and have on occasions dipped to levels far below R10.00 which saw some investors exit at a huge loss.

Many participants are crying foul. But Naspers/Media24 maintains that everything is in order. The 2018 Media24 financial report notes that “Welkom Yizani shareholders were able to derive immediate economic benefit from their shares since 2017 when Naspers… waived additional preference share debt and accrued interest owed to it by Welkom Yizani to the value of R51.6m. Naspers has waived a total of R434m during 2016.”

The statement noted that “As at 31 March 2018, Welkom Yizani had 89 166 shareholders”.

news@ujuh.co.za

  • The fact that these welkom Yizani shares are still stuck at R10 p/share after more than 10yrs is CRUEL, simply undescribable by foul words it deserves.
    A broad daylight robbery in a democratic of the 21st century, but it makes sense considering how CORRUPT ABLE our present government officials are, and great chances are that they’re complicit in this SCAM, each incoming minister simply takes over from where the previous one left off.
    This project is simply unprecedented in making our society and country into a BANANA REPUBLIC, and is a dirty brainchild of your MEDIA24s, NASPERs of this world among other anti indigenous African economic emancipation

  • Good day,

    on which date will the Dividends be paid out

    1. The Welkom Yizani announcement says the following: “DIVIDENDS TO BE PAID TO WELKOM YIZANI ORDINARY SHAREHOLDERS
      As shareholders voted in favour of the proposed dividends at the AGMs, a dividend of
      42.5 cents per ordinary share was declared at the Welkom Yizani AGM. A dividend of 34 cents
      per ordinary share, after deduction of the 20% dividend tax, will be paid on or about Friday,
      31 August 2018 to ordinary shareholders of Welkom Yizani whose names were in the securities
      register on Tuesday, 28 August 2018”

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