Press Releases

Media Update Statement on the release of the Written Transcript of the Judgment in favour of Econet on the ownership of the 5% in Bharti Airtel Networks Nigeria Feb 11, 2012 07:25PM

JOHANNESBURG--(BUSINESS WIRE)-- The Federal High Court of Nigeria, on 10th February 2012, released the written transcript of its judgment handed down on 24th January 2012. The transcript is a public document which can be obtained directly from the Federal High Court in Kaduna.

Econet lawyers have transcribed a summary of the key points in the judgment, and a summary is attached to this statement, for ease of reference. The full transcript, as well as this summary can also be obtained from the Econet Wireless website: www.econetwireless.com

Developments since the ruling:

On 26th January 2012, Airtel Networks Limited (formerly Econet Wireless Nigeria Limited (“Bharti”), filed an Application for Stay of Execution of the said court judgment, made in favor of Econet. In its application, Bharti told the court that, if the judgment is implemented, it would have the following effect:

“… that:

5.1 the Judgment, particularly the nullification of the decisions held at the meetings to which the Plaintiff #(Econet) was not invited will adversely affect the operations of the Applicant #(Bharti), and its corporate existence, and may impair its ability to effectively prosecute its appeal against the Judgment;

5.2 If the effect of the Judgment is not suspended pending the determination of the Applicant’s appeal, a number of key corporate actions taken by the Applicant will be unraveled and this will cause the Applicant incalculable financial loss.”

A full copy of the above application can be obtained from the Federal High Court in Kaduna or from our website: www.econetwireless.com

Econet filed a Counter Affidavit on 8 February 2012, opposing Bharti’s Application for Stay of Execution. In its Counter Affidavit, Econet claims that the allegations by Bharti on the impact of the said judgment if executed, as referred to in paragraphs 5.1 and 5.2 of Bharti’s application, “are false”, and Econet has submitted a press statement issued by Bharti, on 27 January 2012, in which it stated, as follows:

“We wish to assure our customers, employees and business partners that the ruling will in no way affect operations or the company’s ability to fulfill obligations to its stakeholders”

A full copy of the Econet Counter Affidavit can be obtained from the Federal High Court in Kaduna or from our website: www.econetwireless.com

Notes:

Bharti Airtel acquired the African Assets of Zain of Kuwait at a reported US$10.7bn. The Nigerian business was valued in the transaction at US$4.5bn. This places the value of the Econet’s 5% shareholding at the time at US$225m.

# Have been insert

Summary of the key points in the judgment

“IN THE FEDERAL HIGH COURT OF NIGERIA IN THE KADUNA JUDICIAL DIVISION HOLDEN AT KADUNA ON TUESDAY THE 24th DAY OF JANUARY 2012

BEFORE THE HONOURABLE JUSTICE M.L SHUAIBU JUDGE

				SUIT NO. FHC/KD/CS/39/2008
ECONET WIRELESS INTERNATIONAL				PLAINTIFF
AND
1. ECONET WIRELESS NIGERIA				*(now Bharti Airtel Networks)
2. CORPORATE AFFAIRS COMMISSION				DEFENDANTS

Parties 1st Defendant (Bharti Airtel Networks) represented in court

Appearances: Seyilayo Ojo for the Plaintiff (Econet Wireless International)

Shehu Mustapha for the 1st Defendant.

Dickson Ebubedike holding brief for Mr Chukwuma for the 2nd Defendant

JUDGMENT”

SUMMARY EXTRACT FROM THE JUDGMENT OF JUSTICE SHUAIBU

SUMMARY OF EXTRACT OBTAINED FROM THE WRITTEN TRANSCIPT, RELEASED ON 10 FEBRUARY 2012

THE FULL WRITTEN TRANSCIPT CAN BE DOWNLOADED FROM: WWW.ECONETWIRELESS.COM OR OBTAINED DIRECTLY FROM THE COURT IN KADUNA

In his judgment Justice Shuaibu held that:

Page 26 “Thus, there is nothing in the evidence of DWI *(Defendant’s Witness) to suggest that the 1st Defendant *(Bharti) was fraudulently induced to allot shares to the Plaintiff *(Econet). Hence, the plea of fraud by the 1st Defendant is attempt to clothe the illegality of its actions towards the Plaintiff.”

Page 34 “…since the arrangement to allot shares to the Plaintiff was not illegal, the subsequent registration of the Plaintiff as member of the 1st Defendant was in order.”;

Page 36 “From the evidence placed before the Court both documentary and oral, can it be said that the removal of the name of the Plaintiff was based on the fact that it was entered into the Register of the 1st Defendant without sufficient cause? The answer to that question is definitely in the negative.”

Page 38 “The Plaintiff’s claim that they had no prior Notice of Meeting (s) which sanctioned the change of name was nowhere disputed by the Defendants. Therefore, this Court will be right to hold that both the resolutions and subsequent approval for the change of name were irregular.”

Page 39 “However, from the evidence before the Court as led through DW1, there is nothing to suggest any loss suffered by the Counter Claimant *(Bharti). I have already made a finding to the effect that the cancellation and subsequent rectification were irregularly made. Thus, the Counter Claimant has failed to establish the claims in the Counter Claim.”.

Concluding statement:

Page 39 “In the light of the above and considering my findings, judgment is accordingly entered in favour of the Plaintiff against the Defendant to the effect that the removal of the Plaintiff as Shareholder and member of the 1st Defendant was illegal and that the meetings held after 13th November 2003 to which the Plaintiff was not put on Notice was also illegal, null and void. Consequently, the resolutions and decisions thereby taken as well as the effect given by the 2nd Defendant *(Corporate Affairs Commission) are hereby set aside.”

Signed: JUSTICE M.L SHUAIBU

JUDGE

24/01/2012

* words inserted

TavistockMatt Ridsdale+44 (0)20 7920 3150+44 (0)7545 577 754

Source: Econet

Ron Paul Victory in Maine! Feb 11, 2012 07:21PM

“We are confident we will control the Maine delegation for the convention in August”

FALMOUTH, Maine--(BUSINESS WIRE)-- 2012 Republican Presidential candidate Ron Paul has scored a strong finish in the Maine presidential caucuses. Paul gained over 36 percent of the vote in the ‘Pine Tree’ state, being barely nudged out by eventual winner Gov. Mitt Romney who pulled in a little over 38 percent.

Paul performed well throughout the state, although his campaign’s stronghold of Washington County did not report today for inexplicable reasons. Congressman Paul was barely bested by Gov. Romney by about 194 votes, a margin the campaign is confident it will make up with the 200 plus votes expected to come out of Washington County’s caucus.

“Today’s results show once again that Congressman Paul’s campaign for liberty and a return to Constitutional principles is strong and growing,” said Ron Paul 2012 National Campaign Chairman Jesse Benton. “We are confident that we will control the Maine delegation for the convention in August. Our campaign is so thankful to all of our supporters in Maine, and all over the nation, and we want them to know that we plan to take this message all the way to the White House.”

Authorized and paid for by Ron Paul 2012 PCC Inc. www.RonPaul2012.com

Ron Paul 2012 Presidential Campaign CommitteeGary Howard, 855-563-6620

Source: Ron Paul 2012 Presidential Campaign Committee

WRGL Names Julian Sula as New CEO Feb 11, 2012 06:50PM

25,000 Texans Take a Simultaneous Dance Break at H-E-B Stores Across the State for Heart Health Feb 11, 2012 06:06PM

Customers and H-E-B Partners Made Their Hearts Beat Faster in Time for Valentine’s Day

SAN ANTONIO--(BUSINESS WIRE)-- Today at 11 a.m. in H-E-B stores across the state, more than 25,000 Texans consisting of customers and Partners broke out into an impromptu four-minute dance break in support of American Heart Month.

A number of nonprofit and community organizations in each market also joined in the fun and were encouraged to get their hearts pumping by dancing in honor of American Heart Month and Valentine’s Day.

“The purpose of the ‘dance break’ was to illustrate how fun and simple fitness can be,” said Craig Boyan, president of H-E-B. “Health experts recommend that one of the best ways to fight heart disease is by adding exercise to your weekly routine.”

The dance break also was in conjunction with the company’s “Healthy at H-E-B” initiative, a comprehensive, long-term commitment to improve the health of Texans and provide them with fresh, healthy food that is affordable and easy to prepare. “Healthy at H-E-B” includes special offers on healthy food, fitness groups, events and competitions organized around the three critical pillars of health— food, body and life.

“Texas is facing a health crisis,” Boyan said. “The prevalence of obese and overweight adults has doubled in the last two decades. H-E-B wants to reverse this trend and help millions of Texans adopt and stick to a healthy lifestyle.”

After the dance break, customers were encouraged to stay and learn more about protecting and improving their heart health at the free “Second Saturday” screenings taking place in store pharmacies.

About H-E-B

H-E-B, with sales of more than $18 billion, operates more than 335 stores in Texas and Mexico. Known for its innovation and community service, H-E-B celebrated its 105 anniversary in 2010. Recognized for its fresh food, quality products, convenient services, and a commitment to environmental responsibility and sustainability, H-E-B strives to provide the best customer experience at everyday low prices. Based in San Antonio, H-E-B employs more than 76,000 Partners and serves millions of customers in more than 150 communities. For more information, visit www.heb.com.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50165724&lang=en

GDCAnamaria Suescun-Fast, 210-363-2673

Source: H-E-B

Ron Paul Campaign Applauds New Iowa GOP Chairman Feb 11, 2012 03:59PM

Paul Iowa campaign vice-chairman to lead state party

LAKE JACKSON, Texas--(BUSINESS WIRE)-- Today the Republican Party of Iowa elected Ron Paul Campaign Iowa Vice-chair A.J. Spiker to be its new state chairman.

Spiker, a small-business owner from Ames, is a former Chairman, Co-Chairman, and Treasurer of the Story County Republican party. He has been a delegate to several county, district, and state GOP conventions and served on his district Executive, Rules, and Organization committees. Mr. Spiker also served as the 4th Congressional District State Central Committee member.

Ron Paul 2012 Campaign Chairman Jesse Benton congratulated Mr. Spiker on the news:

“A.J. Spiker is an excellent choice to lead the state party; I congratulate him and wish him good luck in his new role. He has been an extremely valuable member of our campaign team in Iowa and played an important role in our success in the state. I have no doubt he will do a wonderful job as he works to elect more Republicans in Iowa in 2012.”

Authorized and paid for by Ron Paul 2012 PCC Inc. www.RonPaul2012.com

Ron Paul 2012 Presidential Campaign CommitteeGary Howard, 855-563-6620

Source: Ron Paul 2012 Presidential Campaign Committee