Special Investigating Units and Special Tribunals Act, 1996
R 385
Companies Act, 1973 (Act No. 61 of 1973)The Securities Regulation Code on Takeovers and MergersThe CodeSection G. Nature of Consideration to be OfferedSec G Rule 9 |
| 9.1) | When a cash offer is required |
Where-
| a) | except with the consent of the Panel, the securities of any class under offer in the offeree company acquired for cash by an offeror or any person acting in concert with it during the offer period or within three months prior to its commencement carry 10 % or more of the voting rights currently exercisable at a class meeting of that class: or |
| b) | in the view of the Panel there are circumstances which render such a course necessary in order to give effect to General Principle 1, |
the offer for that class shall be in cash or accompanied by a cash alternative at not less than the highest price paid by the offeror or any person acting in concert with it for securities of that class during the offer period or within three months prior to its commencement.
| 9.2) | Dispensation from highest price |
If the offeror considers that the highest price (for the purpose of Rule 9.1) ought not to apply in a particular case, it shall consult the Panel, which in its discretion may agree to an adjusted price.
