n Tydskrif vir die Suid-Afrikaanse Reg - The mandatory offer obligation and intermediaries : aantekeninge

Volume 2011, Issue 1
  • ISSN : 0257-7747
  • E-ISSN: 1996-2207



The Securities Regulation Panel ruling in the complaint against Nedbank Ltd and Syfrets Securities Ltd by the Pinnacle Consortium, Gardener Ross and Norman Bosman, delivered on 16 August 2010 (http://www.srpanel.co.za/Ruling%20-%20 Nedbank%20-%20Pinnacle.pdf (11-11-2010)), concerned the application of the mandatory offer rule of the Securities Regulation Code on Takeovers and Mergers (the "code") to intermediaries who hold securities of an offeree company in the context of transactions in derivatives. Although we regard the outcome in this matter as correct, we criticise certain aspects of the panel's ruling.

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