Companies Act, 2008 (Act No. 71 of 2008)RegulationsCompanies Regulations, 2011Chapter 5 : Fundamental Transactions and Takeover RegulationsPart A : Interpretation and Application83. Effect of interests held by non-related persons |
| (1) | There are no consequences in terms of the Part B and Part C of Chapter 5 of the Act or this Chapter, if a transaction involves only— |
| (a) | a person with a non-controlling beneficial interest in a regulated company, acting alone; or |
| (b) | two or more unrelated persons who individually own non-controlling beneficial interests in a regulated company and are not acting in concert. |
| (2) | If a person contemplated in sub-regulation (1) acquires control of a previously unrelated person, they become related persons. |
| (3) | If two previously unrelated persons become related, as contemplated in sub-regulation (2), and their aggregated interests in the regulated company are equal to or exceed the prescribed percentage of voting rights in the regulated company— |
| (a) | an affected transaction has occurred; and |
| (b) | one of the related persons must make a mandatory offer, and if necessary, comparable offers, to the holders of the remaining securities of the regulated company. |