FUNCTIONS OF THE PANEL

  1. 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;
  2. 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.
  3. To apply to court for an order to wind up a company in certain circumstances.
  4. To consult with the Minister of the dti in respect of additions, amendments or deletions; to the Takeover Regulations;
  5. May consult with any person with a view of advising that person on the application of the Act and the Takeover Regulations;
  6. May issue, amend or withdraw information on current policy dealing with an affected transactions or offer for guidance;
  7. May receive and deal with any representations by parties on any matter in respect of affected transactions or offers; and
  8. May perform any other function assigned to it by legislation.