A Securities Regulation Panel exists. It has authority to regulate acquisitions and takeovers where there is a change of control. At present control is deemed to be the holding of more than 35% of the voting shares of the target company. Transactions extending shareholdings already over 35% but under 50% are in certain circumstances also subject to the Panel. The Panel's jurisdiction applies to all public companies and large private companies, but not to small private companies or close corporations. The Panel has published a Code and Regulations, which have the force of law. Copies of all relevant documents and announcements concerning transactions affected by the Code are required to be lodged with the executive director of the Panel for approval prior to issue. The Panel's powers include the power to compel the making of like offers to minorities or to reverse transactions which have been implemented. In appropriate circumstances the Panel will grant exemption from compliance with any or all of the provisions of the Code and Regulations.
For further information please contact: Werksmans Attorneys Werksmans Chambers, 22 Girton Road, Parktown, Johannesburg 2193 or P.O. Box 927, Johannesburg 2000 South Africa Enquiries: Mr Charles Butler Telephone 27 (011) 488-0000 Telefax 27 (011) 484-3100/3200 E-Mail Address firstname.lastname@example.org