MTN launches R8.1bn shares scheme

first_imgMTN is implementing Zakhele, its BEE deal. (Image: Bongani Nkosi) MTN, the biggest mobile phone operator in Africa, has finally launched its R8.1-billion (US$1.1-billion) broad-based black economic empowerment (BEE) shares scheme in South Africa.This is welcome news for current and potential investors, as the deal has been on the cards for two years now and looked set to be plagued by further delays in July 2010, when it was announced there were “severe constraints in financial markets”.The name of the new BEE scheme is Zakhele, which means “built it yourself” in local Nguni languages. It came into effect on 30 August.MTN is inviting share applications from previously disadvantaged black South Africans, which by law includes African, coloured, Indian and Chinese citizens. Individuals and groups can apply for shares.The 4% equity deal will increase the group’s BEE ownership, which currently stands at 29.9% when combined with its other economic empowerment initiatives like the Asonge scheme facilitated by the National Empowerment Fund in 2007.MTN Zakhele is the largest empowerment deal in South Africa’s telecommunications industry history, following Vodacom’s R7.5-billion ($1-billion) BEE scheme in 2008. The Vodacom deal also targeted previously disadvantaged black South Africans and benefited the group’s partners, Royal Bafokeng Holdings and Thebe Investment Corporation.“MTN believes that broad-based BEE participation is important to its future success as a group,” MTN president and CEO Phuthuma Nhleko said in a statement.The group has supported black empowerment since 1994 and will seek to provide long-term and sustainable benefits to black South Africans, Nhleko said.“It is for this reason that we have structured the new MTN BEE transaction through an offer to the black public, acting as far as possible within the letter and the spirit of the codes and empowerment requirements for South African businesses.”Karel Pienaar, MTN South Africa managing director, said in July that the empowerment transaction “will enhance MTN SA’s BEE credentials and supplement other areas of the BEE scorecard such as preferential procurement, skills development, employment equity and enterprise development”.Black investors who qualify for the scheme are being offered shares at R20 ($2.70) apiece. The minimum investment amount is 100 shares, which is worth R2 000 ($270).MTN and the Public Investment Corporation have made 75-million shares available through the Zakhele scheme, which is planned to run for six years.MTN black employees will also benefitThe group said it will offer about 0.1% of its issued share capital to its Employee Share Ownership Plan to benefit BEE-eligible employees. Management and directors of the JSE-listed company will not be allowed to participate in this scheme.MTN is a big player in South Africa and creates stiff competition for other local operators like Vodacom and Cell C. It’s a multinational firm, operating in 21 African countries and the Middle East. In 2006 it had 40-million subscribers, and this number has been growing ever since.last_img read more

10 Highest (and Lowest) Paying States for Video Editors

first_imgWashington$50,000 Florida$46,000 Hawaii$31,000 New Hampshire$49,000 Iowa$48,000 Vermont$44,000 Colorado$44,000 Connecticut$49,000 Pennsylvania$47,000 West Virginia$46,000 Virginia$49,000 Montana$44,000 Oklahoma$45,000 Indiana$47,000 Nevada$38,000 Michigan$50,000 Massachusetts$59,000 New Jersey$53,000 Maine$44,000 Georgia$56,000 Arizona$41,000 Ohio$47,000 Illinois$56,000 South Carolina$48,000 Missouri$48,000 Maryland$51,000 Nebraska$36,000 North Carolina$47,000 Kansas$45,000 Alaska$37,000 Kentucky$42,000 Mississippi$51,000 Rhode Island$45,000 Alabama$50,000 North Dakota$44,000 California$53,000 South Dakota$37,000 Minnesota$43,000 Of course these results don’t factor in the cost of living and buying power, but they do show where demand for video editors is still high. The national average salary for video editors is $49,000.All salary information is courtesy of Indeed.com.Where does your state fall? Share in the comments below. Are you a video editor in one of the highest or lowest paying states? See how your local area stacks up.Video editing is a super competitive field. According to the U.S. Bureau of Labor and Statistics, between now and 2022 the industry is only projected to add 200 jobs. The post production field will only get more competitive in the years to come. So we thought it’d be helpful to see the places where demand is still high and video editors are paid well.We’ve examined all 50 states to determine the top 10 highest/lowest paying states for video editors. All the amounts are displayed as yearly salaries before tax.10 Highest Paying States1. New York $60,000With an endless supply of shooting locations New York is a filmmakers dream. Home to dozens of national TV networks, New York tops our list as the state where video editors can expect to make the most money. New York also ranks as the second best place to be a filmmaker in 2014 according to Moviemaker.com.2. Massachusetts $59,000Driven by the Boston area, Massachusetts comes in at the second best place for film editors. Massachusetts has claim to over 60 academy award nominated films. On top of it’s rich history, productions in Massachusetts have increased 150% in the last few years.3. Georgia $56,000Home to such projects as The Walking Dead, X-Men: First Class, and Mean Girls 2, Georgia is an emerging giant in the filmmaking community. Production companies invested over $3.3 billion in the Georgia film industry in 2013 alone. Qualifying productions also receive a 30% tax credit so you can be sure that the film industry will continue to grow in Georgia.4. Illinois $56,000In line with Georgia, Illinois offers a 30% tax credit for all qualifying productions. Illinois also pays 30% of your salary back if you make over $100,000 a year as an editor. So if you live in Chicago you might want to ask your boss for a raise!5. New Jersey $53,000New Jersey may come as a shock, but the Garden State is no stranger to film. Serving as home to such classic movies as Friday the Thirteenth and the Amityville Horror, New Jersey has a long history with the film industry. Spillover from New York also accounts for a lot of editing jobs in New Jersey.6. California – $53,000 7. Maryland –  $51,000 8. Mississippi –  $51,000 9. Washington – $50,000 10. Alabama – $50,00010 Lowest Paying States50. Hawaii $31,000Serving as the location for Jurassic Park and Lost, Hawaii bottoms our list due to it’s expensive location mixed with a lack of jobs. In fact, our quick research found that there isn’t even one video editing job open in Hawaii. A $500 one-way flight from LA also makes it a pretty expensive place to visit and shoot.49. Idaho $33,000Idaho offers beautiful countryside but little production and post-production jobs. Idaho offers no tax credit to filmmakers making it fiscally irresponsible for many productions to shoot here.48. Nebraska $36,000Nebraska is not a good place for film and a quick glance at their film commission website tells you everything you need to know. Although this state was home to the recent Alexander Payne film Nebraska it still has an embarrassingly small filmography.47. Alaska $37,000It’s not easy living in Alaska, especially if you’re a video editor. The Last Frontier offers some of the most beautiful landscape on earth. However, due to cost most editing work is outsourced to other states.46. South Dakota $37,000South Dakota is home to Mount Rushmore and perhaps the worst film commission website in history. What South Dakota lacks in filmmaking history it makes up for in picturesque landscape. In fact a 20% tax credit makes South Dakota an appealing state for filmmakers to look at.45. Nevada – $38,000 44. Utah –  $38,000 43. Arizona – $41,000 42. Wyoming – $41,000 41. Kentucky – $42,000You’re state not in the top or bottom 10? Check out the full list of salaries from all 50 states:Video Editing Salaries by State Tennessee$45,000 Idaho$33,000 Wyoming$41,000 Louisiana$43,000 Utah$38,000 New York$60,000 Arkansas$49,000 New Mexico$43,000 Wisconsin$44,000 Texas$48,000 Oregon$47,000last_img read more