- To regulate affected transactions or offers set in part B and C of chapter 5 of the Act that involve regulated companies.
Regulated companies are:
- a profit company which is a public company;
- a state owned company; and
- a private company, but only if the memorandum of incorporation of the company makes provision for the Panel’s authority to apply; or if more than 10% of the issued securities of the company have been transferred within a period of 24 months, immediately before the date of a particular affected transaction or offer;
- To investigate complaints relating to Affected Transactions and Offers;
Affected Transactions and Offers include:
- disposals of all or the greater part of assets or undertaking of a company by a regulated company;
- amalgamations or mergers of regulated company;
- schemes of arrangement between a regulated company and its shareholders;
- mandatory offers to shareholders of a regulated company;
- compulsory acquisitions of remaining shares of a regulated company;
- acquisitions of, or announced intention to acquire 5%, 10% or any multiple of 5% of the issued shares of a regulated company; and
- the announced intention to acquire the remaining shares in a regulated company.
- To apply to court for an order to wind up a company in certain circumstances.
- To consult with the Minister of the dti in respect of additions, amendments or deletions; to the Takeover Regulations;
- May consult with any person with a view of advising that person on the application of the Act and the Takeover Regulations;
- May issue, amend or withdraw information on current policy dealing with an affected transactions or offer for guidance;
- May receive and deal with any representations by parties on any matter in respect of affected transactions or offers; and
- May perform any other function assigned to it by legislation.