Companies Act, 2008 (Act No. 71 of 2008)

Chapter 5 : Fundamental Transactions, Takeovers and Offers

Any person making an offer must—

(a)	comply with all reporting or approval requirements, whether set out in this Part or in the Takeover Regulations, except to the extent that the Panel has granted the person an exemption from any such requirement; and

(b)	not give effect to an affected transaction unless the Panel has—

(i)	issued a compliance certificate with respect to the transaction; or

(ii)	granted an exemption for that transaction.