Telkom Integrated Report 2017

155

23 Events after the reporting date

Dividends

TheTelkomboard declared an ordinary dividend of 290.75253 cents per share on 5 June 2017 payable on 3 July 2017 to shareholders

registered on 30 June 2017.

Resignation of non-executive director

Telkom announced on 11 May 2017 that Ms Thembisa Skweyiya (Dingaan) had informed the board of her resignation as director

effective from 10 May 2017.

Establishment of Gyro group

TelkomSouth Africa SOC Limited (Telkom) and Gyro group are entering into a sale of business for shares transaction in terms of which

Telkom is selling its Masts and Towers (M&T) business to an existing subsidiary, Swiftnet, and 40 properties to a newly established

wholly owned subsidiary, Gyro.

The M&T business will be sold as a going concern. Included in the M&T business are contracts, licences, M&T fixed assets and free right

of use on Intellectual Property (IP), all of which is currently used by the M&T business. The 40 properties consist of technical, commercial

and industrial properties owned byTelkom.

The sale is part of theTelkom’s endeavour to unlock value in its property and M&T portfolios and the sale will be effective from the date

of transfer of the properties.

Other matters

The directors are not aware of any other matters or circumstance since the financial year ended 31 March 2017 and the date of this

report, or otherwise dealt with in the financial statements, which significantly affects the financial position of the group and the results

of its operations.