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GEN - Freeworld Coatings Ltd / Kansai Paint Co. Ltd - SRP Ruling
SRP Ruling - Freeworld Coatings Ltd / Kansai Paint Co. Ltd
IN THE APPEAL BEFORE THE APPEAL COMMITTEE OF THE SECURITIES REGULATION PANEL
In the matter between:
FREEWORLD COATINGS LIMITED (Appellant)
and
KANSAI PAINT CO. LTD (Respondent)
RULING OF THE APPEAL COMMITTEE
The Securities Regulation Panel Appeal Committee, after hearing oral
submissions and perusing written submissions presented by Counsel for the
Appellant and Respondent, rules as follows:
1.. The Appellant`s appeal related to the approval of the Respondent`s Offer
Circular and such approval constitutes an administrative action and is
therefore appealable in terms of the Securities Regulation Panel Code and
Rules.
2. The appeal is dismissed on the basis that the Offer Circular as approved
by the Executive Director is not in breach of General Principle 4 and Rule
28.7 of the Securities Regulation Panel Code and Rules.
3. The timetable is not cast in stone and as such is subject to change.
Note 2 on page 8 of the Offer Circular makes this fact patently clear. This
nullifies the purported deviation.
4. The Offer Circular contains sufficient information to enable any
shareholder to make a decision on whether to accept the offer or not to accept
it.
5. The Offer Circular further states that any Shareholder who is "in any
doubt as to what action to take" should seek expert advice.
6. Any party is at liberty to approach the Executive Director for consent to
extend the closing period seeing that both parties are ad idem that the offer
ought not to lapse.
7. Full reasons of this ruling will be furnished within 14 days of this
ruling.
8. The Appellant is ordered to pay the costs of the Panel
MR N.A. MATLALA
CHAIRPERSON
Mr J Damons
Panel Member
Mr M Brits
Panel Member
Ms M Ramagaga
Panel Member
Mr A Khumalo
Panel Member
Date: 17 February 2011
Date: 17/02/2011 15:10:02 Produced by the JSE SENS Department.
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