South Africa Case Law

Trustco Group Holdings Limited v Financial Services Tribunal and Another (471/2023)

Trustco Group Holdings Limited v Financial Services Tribunal and Another (471/2023) [2024] ZASCA 100; 2024 (5) SA 394 (SCA) (19 June 2024)

Court

Supreme Court of Appeal

Case number

471/2023

Judges

Dambuza, Schippers, Weiner, Smith, Mbhele

The Supreme Court of Appeal upheld the JSE’s power to require restatement of financial statements and found no need for financial experts on a Tribunal panel.

• Statutory Interpretation
• Listing Requirements
• Restatement Of Financial Statements
• Panel Composition
• Administrative Action
• International Financial Reporting Standards

Trustco Group Holdings Limited v JSE Limited and Another (11121/2022)

Trustco Group Holdings Limited v JSE Limited and Another (11121/2022) [2022] ZAGPPHC 600 (8 August 2022)

Court

North Gauteng High Court, Pretoria

Case number

11121/2022

Judge

N Janse Van Nieuwenhuizen

The High Court granted Trustco an interim interdict preventing suspension of its JSE listing and related restatement measures pending review.

• Interim Interdict
• Financial Market Regulation
• Review Of Administrative Action
• Listing Requirements
• Separation Of Powers
• Interim-interdict

Caxton And CPT Publishers And Printers Limited v Media 24 Proprietary Limited and Others (136/CAC/March 2015)

Caxton And CPT Publishers And Printers Limited v Media 24 Proprietary Limited and Others (136/CAC/March 2015) [2015] ZAWCHC 209 (25 November 2015)

Court

Western Cape High Court, Cape Town

Case number

136/CAC/March 2015

Judges

N P Boqwana, Davis, Rogers

The court found that the new management agreement, when read with Novus's MOI and the Companies Act, subjected all of Retief's powers to the overriding authority of the board. This change eliminated Retief's material influence over Novus's strategic policy, ending the previous joint control arrangement. The transition from joint (or dual) control to sole control by Media 24 constituted a notifiable merger under the Competition Act. The Tribunal erred in focusing on the practical exercise of powers rather than the legal entitlement. The court held that Caxton had a sufficient interest to seek…

Source excerpt

• Merger Notification
• Change Of Control
• Material Influence
• Companies Act Compliance
• Listing Requirements
• Operational Independence

Caxton and CTP Publishers and Printers v Media 24 Proprietary Limited and Others (136/CAC/March 2015)

Caxton and CTP Publishers and Printers v Media 24 Proprietary Limited and Others (136/CAC/March 2015) [2015] ZACAC 5; [2015] 2 CPLR 354 (CAC) (25 November 2015)

Court

Competition Appeal Court

Case number

136/CAC/March 2015

Judges

Boqwana, Davis, Rogers

The Court held that Novus’s new management agreement gave the board final authority, ending Retief’s joint control and requiring merger notification.

• Merger Notification
• Change Of Control
• Material Influence
• Companies Act
• Listing Requirements
• Management Agreement

Aberdeen International Incorporated v Simmer and Jack Mines Ltd (273/09)

Aberdeen International Incorporated v Simmer and Jack Mines Ltd (273/09) [2010] ZASCA 24 (25 March 2010)

Court

Supreme Court of Appeal

Case number

273/09

Judges

Nugent, Heher, Van Heerden, Mhlantla, Tshiqi

The Supreme Court of Appeal held that a loan agreement’s right of first refusal for “financing” did not extend to equity financing or share issues.

• Contract Interpretation
• Loan Agreement
• Right Of First Refusal
• Equity Financing
• Listing Requirements
• Black Economic Empowerment