Takeovers and Mergers Code
The Takeovers and Mergers Code of 1995 as amended in 2003(Code), applies to takeovers and mergers where the offeree is a listed public company. The code seeks to ensure equal treatment of all share holders of the same class in the company sought to be taken over. The rules of the Code are aimed at ensuring dissemination of sufficient information and advice with adequate time to the shareholders of the target company in order for them to arrive at an informed decision relating to the takeover.
We ensure that persons adhere to the provisions of the Takeovers and Mergers Code in respect of the acquisition of listed companies. Approvals are granted to market announcements, offer documents and independent valuation reports in the takeover process of public listed companies in terms of the Takeovers & Mergers Code.
The Code deals with three types of offers namely Voluntary Offers, Partial Offers and Mandatory Offers.
Unit Trust Code
“Unit Trust” means any arrangement made for the purpose, or of having the effect, of providing for the participation by persons as beneficiaries under a trust, in profits or income and capital gains arising from the acquisition, holding, management or disposal of securities or any other property vested in the trustee or such trust.