Share Allocation Results
A landmark achievement
On 27 September 2007, the Chairman of the Board of Trustees of the National Empowerment Fund, Mr Ronnie Ntuli, and the Chief Executive Officer of the NEF, Ms Philisiwe Buthelezi, announced the share allocation of the landmark NEF ASONGE share scheme at a press conference in Johannesburg, following the sale of more than 12 million MTN shares in a milestone empowerment initiative.

Oversubscribed by 13%
Over 87 000 people participated in ASONGE, resulting in a substantial 13% oversubscription of the offer. The NEF had allocated an initial 10.64 million MTN ordinary shares to Black individuals and savings and/or investment groups, which were worth R1,14 billion on the day of the an- nouncement of allocation results on 27 September 2007.

The Board of Trustees of the NEF approved a further alloca- tion of 1,4 million shares, worth R147 million, in order to provide for the over-subscription and to ensure a full alloca- tion of shares to qualifying applicants, therefore R1.3 billion worth of MTN shares were transferred through ASONGE, and at the time of writing, investors are already significantly in the money.

All valid applications within the allocation value thresholds received the full allocation.

Provincial breakdown
An allocation plan was compiled based on population statistics to ensure each province was assured of an equitable opportunity to subscribe for shares. Marketing and communication campaigning in each province supported this provincial focus. Despite this, there were provinces with an under-subscription and these provinces saw their allocation transferred proportionately to the over-subscribing provinces to cater for the demand and investor provincial migration dynamics. 

All provinces participated to the best of their capacities. However, those provinces which undersubscribed did so be- cause of reasons and factors relating to savings levels and investment capacity, as well as provincial GDP (Gross Domestic Product) dynamics. Through educational roadshows to all provinces, extensive marketing and direct interaction with investment groups across the country, the NEF took de- liberate and special care to ensure that no one province or set of provinces benefited at the expense of other provinces because the NEF’s mandate as an agency of the dti is to pro- mote Black economic participation throughout the country. 

Below is a breakdown of the provincial share allocation:  

A breakthrough of women shareholders
By value, 39% of the shareholders are women, holding a total 4 681 124 shares, while Black males hold 52% of the shares, or a total 6 209 627. Savings and investment groups, which comprise stokvels, burial societies, trusts, co-operatives, church savings groups and others, together hold 9% of the shares, or a total 1 125 307 shares. The gender split was 43% Female, 57% Male by value, and 49% Female, 51% Male by number of applicants, demonstrating a high level of interest from women despite affordability constraints.
The figure below illustrates the breakdown of the ASONGE share allocation by value:


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