The much-anticipated market update on Cell C due tomorrow has been postponed indefinitely after CEO Douglas Craigie Stevenson fell ill.
Blue Label Telecoms, which holds a 45% stake in Cell C, announced the development today.
It said Craigie Stevenson has been “diagnosed with an upper respiratory tract infection and as a result, the market update scheduled for Wednesday, 14 September, as well as the investor roadshows, have been postponed”.
The market update was meant to provide details on Cell C’s recapitalisation, which Blue Label recently announced is expected to close by mid-September.
Blue Label presented its performance for the fiscal year 2022 last month, notifying shareholders the deal had taken longer than initially anticipated, but all was on track, as it expected the funding deal to close in under a month.
This followed a recent bond process launch, which saw Cell C lenders accept an offer of 20c for every R1 of debt. The lenders voted in favour, signalling hope for fresh funding for the debt-saddled mobile operator. At the time, Blue Label said details of the deal would be elaborated on during the Cell C market update.
Craigie Stevenson also commented at the time: “The restructuring and refinancing of Cell C has been a long and complicated process. We are pleased to be closer to concluding a transaction that will deleverage the balance sheet and provide the required working capital to operate and grow the business.”
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