Underlining this commitment, Naspers has invested R6.9bn over the last three years in developing its existing South African businesses and through M&A activity. At the closing price of R3 522.82 last night, you would own R3.522m in shares.What is a discount in this regard?

This lower capitalisation value gives effect to a 40% discount to its actual value, at which the shares are trading.Therefore, you now own 1 369 Naspers shares at around R2 400 – equal to R3.29m.

After the unbundling, MultiChoice started reporting a “Premium subscribers” figure, which is actually a combination of DStv Premium bouquet and DStv Compact Plus bouquet subscribers. But that’s before capital gains tax.PSG Wealth article: Naspers and NewCo – what you should now, June 2019.Naspers and Prosus shares were listed on the Euronext and JSE on the 11th of September 2019. The combined expenditure (for the purposes of income tax) of such Naspers shares and MultiChoice Shares will be the amount originally taken into account by the Naspers Shareholder prior to the Unbundling in respect of those Naspers shares, as contemplated in section 11(a), section 22(1), or section 22(2) of the Income Tax Act. This is because Naspers was heavily under-priced and was in a strong upward trend at the time. *A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: Obtains access to the information in a personal capacity; In the case of Naspers, the unbundling of Multichoice caused the share to fall by R125.06 – which was roughly 4% - but then three days later the share closed at R3157 – more than recovering that loss.

the dividends tax implications for the unbundling company. It provides that paragraph 76B of the Eighth Schedule does not apply. Unless expressly defined, capitalised terms used in this announcement shall bear the same meanings ascribed to them in the Naspers Unbundling Announcement.The release, publication or distribution of this announcement in jurisdictions other than South Africa may be restricted by law and therefore persons into whose possession this announcement may come should inform themselves about, and observe, any such applicable restrictions or requirements. This announcement does not comprise a prospectus or a prospectus equivalent announcement, nor does it constitute an advertisement of an offer as envisaged in the Companies Act.Naspers believes that the Unbundling is, and will continue to be, a catalyst for significant value unlock for Shareholders as evidenced by the creation of a JSE listed, empowered and cash-generative video entertainment business that is equipped to be a forerunner in African digital transformation. An additional 5% stake in the issued share capital of MultiChoice South Africa Holdings Proprietary Limited (MCSA) has been allocated to Phuthuma Nathi (PN) shareholders for no consideration.

Together, you now own R3.6m in shares – a gain of around R78 000, or 2%. This announcement has been prepared for the purposes of complying with the JSE Listings Requirements and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of those outlined above.Shareholders are advised that Naspers has successfully completed the Unbundling as described in the Announcements following the listing of MultiChoice Group Limited on the JSE (Share Code: MCG; ISIN: ZAE000265971) with effect from the commencement of trade on Wednesday, 27 February 2019.

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