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

Companies Regulations, 2011

Chapter 5 : Fundamental Transactions and Takeover Regulations

Part D : Duties and Conduct of Offeree and Directors

107. 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From the date that a firm intention announcement is published, until the offer is declared unconditional, lapses or is withdrawn, the offeror and its concert parties must not—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).