| (i) |
it has 10 or more shareholders with a direct or indirect shareholding in the company and meets or exceeds the financial threshold of annual turnover or asset value determined in terms of subsection (2): Provided that the Panel may exempt any particular transaction affecting a private company in terms of section 119(6); |
[Section 118(1)(c)(i) substituted by section 16(a) of the Companies Amendment Act 16 of 2024, Notice No 5082, GG50991, dated 30 July 2024]
| (ii) |
the Memorandum of Incorporation of that company expressly provides that the company and its securities are subject to this Part, Part C and the Takeover Regulations, irrespective of whether the company falls within the criteria set out in subparagraph (i). |
| (2) |
The Minister, after consulting the Panel, must determine the financial thresholds based on the annual turnover or asset value of the company in the Republic, in general or in relation to specific industries, for purposes of determining or identifying the private companies to which the provisions of Part B and Part C of this Chapter apply. |
[Section 118(2) substituted by section 16(b) of the Companies Amendment Act 16 of 2024, Notice No 5082, GG50991, dated 30 July 2024]
| (3) |
Despite the definition of ‘affected transaction’ set out in section 117(1)(c), this Part, Part C and the Takeover Regulations do not apply to— |
| (a) |
a proposal to dispose, or disposal, of all or the greater part of the assets or undertaking of a regulated company; |
| (c) |
a scheme of arrangement proposed by a regulated company, |
to the extent that any such affected transaction is pursuant to or contemplated in an approved business rescue plan in terms of Chapter 6.
| (4) |
If there is a conflict between any provision of this Part, Part C, or the Takeover Regulations, and any provision of another public regulation— |
| (a) |
the conflicting provisions apply concurrently to the extent that it is possible to apply and comply with one of the inconsistent provisions without contravening the second; and |
| (b) |
to the extent that it is impossible to apply or comply with one of the inconsistent provisions without contravening the second, the provisions of the other public regulation prevail. |
| (5) |
A person granted an option to acquire shares with a voting right in a regulated company is presumed to have acted in concert with the grantor of the option, unless the voting rights are retained by the grantor. |
| (6) |
A presumption under subsection (5) may be rebutted by evidence to the contrary. |
Electricity Regulation Act, 2006
