Chapter 5: Fundamental Transactions and Takeover Regulations
Part A: Interpretation and application

R83: Effect of interests held by non-related persons

  • (1) There are no consequences in terms of the Part B and Part C of Chapter 5 of the Act or this Chapter, if a transaction involves only-
    • (a) a person with a non-controlling beneficial interest in a regulated company, acting alone; or
      • (b) two or more unrelated persons who individually own non-controlling beneficial interests in a regulated company and are not acting in concert.
      • (2) If a person contemplated in sub-regulation (1) acquires control of a previously unrelated person, they become related persons.
        • (3) If two previously unrelated persons become related, as contemplated in sub-regulation (2), and their aggregated interests in the regulated company are equal to or exceed the prescribed percentage of voting rights in the regulated company-
          • (a) an affected transaction has occurred; and
            • (b) one of the related persons must make a mandatory offer, and if necessary, comparable offers, to the holders of the remaining securities of the regulated company.

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