Times are changing MPowerFm

NELSPRUIT – A large media group has come to the rescue of the regional radio station of Mpumalanga. Fans of MPowerFM have been without the Rhythm of Mpumalanga since July 1, when signal distributor, Sentech, disconnected it due to an overdue account.

When efforts to renegotiate a settlement agreement with Sentech failed, business rescue proceedings for the company, M-Power Radio (Pty) Ltd commenced on August 27.

On October 10, a business rescue plan was considered and adopted at a meeting held in terms of Section 151 of the Companies Act. According to business rescue practitioner, Mr Braam van Rensburg, the plan was voted in by creditors and shareholders, by an overwhelming majority. In terms of this, the Times Media Group (TMG) will acquire 65% of the shareholding in MPower, taking over management control. TMG will pay creditors and furnish further capital required to enable the station to restart its broadcasts.

The final implementation of the plan is subject to Icasa approval.

TMG indicated that it would not at this stage retrench any of the employees.

Mr Mark Schormann, who acted as the company’s general manager before, stated that everyone at the station was ready for broadcast, “We just need to flip the switch!”