A board meeting of a key Cell C shareholder scheduled for earlier this month was cancelled in order to probe alleged fraud related to the removal and appointment of company directors, TechCentral has learnt.
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S&P Global Ratings has downgraded Cell C’s debt to “D”, or “default” – its lowest-possible “junk” rating – after the mobile operator “failed to make interest payments on certain bilateral loan facilities” due last month.
Cell C’s largest shareholder, Blue Label Telecoms, will delay publication of its full-year financial results until late September to deal with various issues related to the mobile operator’s recapitalisation and restructuring.
Cell C’s largest shareholder, JSE-listed Blue Label Telecoms, has moved to reassure nervous investors about the mobile operator’s prospects.