Companies Act, 1973 (Act No. 61 of 1973)

The Securities Regulation Code on Takeovers and Mergers

The Code

Section H. Provisions Applicable to all Offers

Rule 14. Announcement of Acceptance Levels
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Timing and Contents

 

By 09:00 at the latest on the fourth business day following the day on which an offer is due to expire, or becomes or is declared unconditional as to acceptances, or is extended, the offeror shall make an appropriate announcement and, simultaneously inform the Panel, and The Stock Exchange (except in the case of an offer for a company whose securities are not dealt in on The Stock Exchange). The announcement shall also state the total numbers of securities and rights over securities (as nearly as practicable) -

a)for which acceptances of the offer have been received;
b)held before the offer period; and
c)acquired or agreed to be acquired during the offer period,

and shall specify the percentages of the relevant classes of the securities represented by these numbers (see also Rule 28.2).