Chapter 5: Fundamental Transactions and Takeover Regulations
Part A: Interpretation and application
R91: Application to private companies
- (1) The minimum percentage to be prescribed in terms of section 118 (2) is 10 %.
- (2) For the purposes of Part B and Part C of Chapter 5 of the Act and this Chapter-
- (a) the percentage prescribed in sub-regulation (1) is to be applied-
- (i) at the time of each qualifying transfer, excluding any transfers between or among related or inter-related persons;
- (ii) taking account of the number of securities transferred compared to the number of securities in issue, excluding any securities of a holding company held its by subsidiaries; and
- (iii) aggregating all such transfers immediately before effecting an affected transaction; and
- (b) a buy back of securities by a company that are cancelled is not a transfer.
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