Companies Act, 2008 (Act No. 71 of 2008)RegulationsCompanies Regulations, 2011Chapter 5 : Fundamental Transactions and Takeover RegulationsPart D : Duties and Conduct of Offeree and Directors107. Appointments to board of offeree |
From the date that a firm intention announcement is published, until the offer is declared unconditional, lapses or is withdrawn, the offeror and its concert parties must not—
| (a) | appoint any person to the board of an offeree regulated company; or |
| (b) | exercise votes attaching to any securities held in the offeree regulated company, unless the votes are cast— |
| (i) | on a resolution dealing with a matter unrelated to the offer; or |
| (ii) | by proxy in accordance with regulation 111(7). |