Douglas Craigie Stevenson, Cell C CEO.
The much-anticipated Cell C market update due to take place tomorrow has been postponed indefinitely after CEO Douglas Craigie Stevenson fell ill.
Blue Label Telecoms, which owns 45% of Cell C, announced the development today.
It said Craigie Stevenson “has been diagnosed with an upper respiratory infection and as a result the market update scheduled for Wednesday September 14 and the investor roadshow have been postponed.”
The market update was intended to provide details on Cell C’s recapitalization, which Blue Label recently announced is expected to be completed by mid-September.
Last month, Blue Label presented its figures for the 2022 financial year, telling shareholders that the deal had taken longer than originally expected, but that everything was on track as the financing deal was expected to be completed in less than a month.
This follows the recent launch of a bond process which saw Cell C’s creditors accept an offer of 20 cents for every R1 owed. Creditors voted yes, signaling hope for fresh funding for the debt-ridden mobile operator. At the time, Blue Label said details of the deal would be finalized 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 complex process. We are pleased to be closing in on a transaction that will de-leverage the balance sheet and provide the necessary working capital to operate and grow the business.”