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

Companies Regulations, 2011

Chapter 5 : Fundamental Transactions and Takeover Regulations

Part A : Interpretation and Application

82. Beneficial Interests

 

 

(1) A compliance obligation that—
(a) falls upon a person who would be regarded as a holder of a beneficial interest in terms of the definition of "holder" in Section 117 (1)(e), read with the definition of "beneficial interest" in section 1; and
(b) arises in terms of Part B and Part C of Chapter 5 of the Act, or this Chapter,

applies equally to a nominee entity, asset manager or similar person who has authority, by any means, to exercise rights of disposal or rights of voting with respect to particular securities.

 

(2) No compliance obligation arises from an announced intention to acquire a beneficial interest in the remaining voting securities of a regulated company, as contemplated in Section 117 (1)(c)(v), until an offer is made for all of those securities.