The short answer is "sometime within the next 12 months, if the transaction completes". The long answer depends on your views of the CPs (attached below - extracted from SENS). The Sale Transaction, the Distribution, the Listing and the Unbundling Transaction are inter-conditional so that none of them will be implemented unless the others become unconditional. Once all the conditions have been met, the Proposed Transaction will be implemented in the following sequence: i) first, the Sale Transaction; ii) second, the Listing; iii) third, the Unbundling Transaction; and iv) fourth, the Distribution. The Sale Transaction is conditional upon Telkom shareholder approval in terms of JSE Listings Requirements. The Sale Transaction is further subject to, inter alia, the fulfilment, or where applicable, waiver, of all regulatory and statutory approvals and consents as may be necessary, including, inter alia: i) the South African Competition Authorities; ii) the Tanzanian Competition Authorities; and iii) the Independent Communications Authority of South Africa. The Listing is subject to approval by the JSE. The declaration of the Distribution is subject to the approval by a majority of Telkom shareholders in general meeting. The Unbundling Transaction is subject to, inter alia, the fulfilment, or where applicable, waiver, of the following conditions precedent: i) approval of the Unbundling Transaction by 75% of Telkom shareholders in general meeting in accordance with section 228 of the Companies Act; and ii) approval by the JSE of the Listing. The conditions precedent referred to above must be fulfilled within 12 months of the signature date of the Transaction Agreements, or such other later date as may be agreed by the parties.