Companies Act, 2008 (Act No. 71 of 2008)RegulationsCompanies Regulations, 2011Chapter 5 : Fundamental Transactions and Takeover RegulationsPart A : Interpretation and Application91. Application to Private Companies |
| (1) | The minimum percentage to be prescribed in terms of section 118 (2) is 10 %. |
| (2) | For the purposes of Part B and Part C of Chapter 5 of the Act and this Chapter— |
| (a) | the percentage prescribed in sub-regulation (1) is to be applied— |
| (i) | at the time of each qualifying transfer, excluding any transfers between or among related or inter-related persons; |
| (ii) | taking account of the number of securities transferred compared to the number of securities in issue, excluding any securities of a holding company held its by subsidiaries; and |
| (iii) | aggregating all such transfers immediately before effecting an affected transaction; and |
| (b) | a buy back of securities by a company that are cancelled is not a transfer. |