Date: April 1, 2009, 5:07 pm


GT-VODAFONE SALE FACT SHEET HIGHLIGHTS LEGAL AND ECONOMIC ISSUES ARISING


1. ENLARGED GT The Sale Agreement is for 70% of GT's shares and for the said 70%, Vodafone would pay U$900 million. But, apart from the 70% shares, Ghana Government, by virtue of the provisions in schedule 16 to the Agreement, is handing over to Vodafone on a silver platter the following: a. Voltacom (Volta Communications Co. Ltd.) - a communications company established by the Volta River Authority (VRA) as a separate business entity that provides communication services to other communication companies for a fee. The value of Voltacom is yet to be assessed for purposes of transferring same to Vodafone. b. VRA Fibre Network: the optical fibre network installed by VRA with public funds which is incorporated within the VRA Electrical Transmission Network and used for more efficient distribution of electrical power to end users. c. VRA Fibre Assets: which comprises all property equipment and assets relating to the VRA Fibre Network including the VRA Fibre Units and all other assets and equipment that are set out in the Assets Register of the VRA. The VRA Fibre units are the systems that contain the Optical wires which are housed within the Optical Ground Wires - composite cable constructions that run along the VRA Electrical Transmission Network. d. Access to the VRA Electrical Transmission Network: this means the electrical transmission network owned by VRA and operated by VRA, including all lands, buildings, towers, cables , equipment and other assets used by VRA in the generation and supply of electricity and related services. e. FibreCo: a company established by the National Communications Authority (NCA) as a communications backbone for the country. The Board of Directors of this company are required to resign en bloc and all its shares transferred, NOT sold, to Vodafone.  Towers and Radio buildings in Takoradi - VRA and the Ministry of Finance are required to ensure that the towers and radio buildings in Takoradi procured with public funds, are assigned, not sold to Vodafone.



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