Naspers boss returns

Johannesburg, 02 Apr 2008

Naspers MD Koos Bekker has returned from a year-long sabbatical to resume his position at the top of the diversified media group.

Bekker first announced in November 2006 that he would take the time off so that he could explore developments in technology and media throughout the world.

Yesterday, the company announced Bekker had concluded an employment contract, which continued his historic trend of not receiving a salary or bonuses of any sort.

"No pension or medical aid or car scheme of any type will apply. Upon termination of the contract, no payments will be made. The sole benefit consists of an offer made on 31 March 2008, of an option to acquire 11 687 808 Naspers N ordinary shares," the company said.

The purchase price for these shares has been set at R141 per share. The offer is divided into three tranches and vesting will taking place over a five-year period.

The first tranche will vest at the end of year three at a purchase price per share of R167.23, the second a year later at a purchase price per share of R176.11, and the last at the end of year five at a purchase price per share of R185.56.