Applicability of Delisting Regulations- Transitional Provisions
Summary
The circular clarifies transitional provisions regarding the applicability of the 2003 Delisting Guidelines versus the 2009 Delisting Regulations. It states that if a special resolution was passed under the old guidelines before the new regulations commenced, those guidelines apply provided action is taken within three months. The term 'acted upon' is defined as implementing activities such as opening the book building process for exit price determination.
Text
in cases where a special resolution has already been passed under the Delisting Guidelines prior to commencement of the Delisting Regulations, the delisting process shall be governed by the provisions of the Delisting Guidelines, provided the said resolution is acted upon within a period of three months from the date of this circular.
Otherwise, the company would be required to pass a fresh special resolution in terms of Delisting Regulations and proceed for delisting in terms of Delisting Regulations.
the words ”acted upon” shall mean that the implementation of activities including the opening of the book building process for determination of the exit price in terms of Clause 8.1 of the Delisting Guidelines, should be done within three months from the date of this circular.
Source: SecMarx — Applicability of Delisting Regulations- Transitional Provisions. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.