GEN - SRP Ruling - complaint against Nedbank Limited by the Pinnacle Consortium
JSE
GEN
GEN - SRP Ruling - complaint against Nedbank Limited by the Pinnacle Consortium
SECURITIES REGULATION PANEL (SRP) RULING IN TERMS OF SECTION 440A OF THE
COMPANIES ACT 61 OF 1973 AND THE SECURITIES REGULATION CODE ON TAKEOVERS AND
MERGERS AND THE RULES OF THE SRP
In the matter of:
The complaint against Nedbank Limited and Syfrets by the Pinnacle Consortium,
Gardener Ross and Norman Bosman heard by a five member committee of the SRP on
19 and 20 May 2010.
Interested parties are hereby advised that the SRP has issued the following
Ruling relating to the above complaint:
"9 RULING
9.1 Having considered the arguments put to us, for the reasons outlined above,
we find that an affected transaction did not occur at the time when Syfrets`
holding of Acc-Ross shares reached 35%, or each time that its holding increased
by another 5%.
9.2 However if we are wrong in our decision above, we hereby exercise our
discretion to "rule otherwise" in terms of Rule 8.1 of the Code, for the reasons
of equity given above.
9.3 And should we for any reason be found to have incorrectly exercised our
discretion in terms of Rule 8.1 we hereby exercise our general discretion in
terms of Rule 34 to excuse Syfrets and Nedbank from having to make an offer to
the other shareholders of Acc-Ross or PPG, for the reasons of equity given
above."
The full details of the Ruling and the reasons thereof can be obtained from the
SRP website: www.srpanel.co.za under Publications.
Securities Regulation Panel
1st Floor, Block B
Sunnyside Office Park
32 Princess of Wales Terrace
Parktown
2193
Tel: +27 11 642 1301
Fax: +27 11 642 9284
Johannesburg
17 August 2010
Date: 17/08/2010 09:27:01 Produced by the JSE SENS Department.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
