Shoprite deal may face securities panel test
Publish date: 05 December 2006
Issue Number: 1721
Diary: Legalbrief Today
Category: Corruption
The Securities Regulation Panel (SRP) is expected to hold a hearing next year to determine whether Shoprite chairman Christo Wiese is entitled to use his controversial 43.3% voting block in the proposed transaction that will result in the delisting of Shoprite, says a Business Day report.
Richard Connellan, executive director of the SRP, said the panel had been approached by a number of interested parties that had raised concerns about the proposed transaction. He would not confirm reports that a hearing would be held next month, which was likely to delay the shareholders meeting scheduled for January 15. However, sources close to the deal were adamant that in view of the controversial and powerful nature of Wieses shares and the fact that the SRP had been approached by some of the affected parties, it was inevitable that the panel would have to hold a hearing on the matter. Full report in Business Report
