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Integrated Report 2016
SHAREHOLDER INFORMATION
(continued)
(17) If there are reasonable grounds to believe that compliance by a company with subsection (13)(b), or with a court order in terms of subsection
(15)(c)(v)(bb), would result in the company being unable to pay its debts as they fall due and payable for the ensuing 12 months:
(a)
the company may apply to a court for an order varying the company’s obligations in terms of the relevant subsection; and
(b) the court may make an order that:
(i)
is just and equitable, having regard to the financial circumstances of the company; and
(ii)
ensures that the person to whom the company owes money in terms of this section is paid at the earliest possible date
compatible with the company satisfying its other financial obligations as they fall due and payable.
(18) If the resolution that gave rise to a shareholder’s rights under this section authorised the company to amalgamate or merge with one or
more other companies, such that the company whose shares are the subject of a demand in terms of this section has ceased to exist,
the obligations of that company under this section are obligations of the successor to that company resulting from the amalgamation or
merger.
(19) For greater certainty, the making of a demand, tendering of shares and payment by a company to a shareholder in terms of this section
do not constitute a distribution by the company, or an acquisition of its shares by the company within the meaning of section 48, and
therefore are not subject to:
(a)
the provisions of that section; or
(b) the application by the company of the solvency and liquidity test set out in section 4.
(20) Except to the extent:
(a)
expressly provided in this section; or
(b) that the Panel rules otherwise in a particular case,
a payment by a company to a shareholder in terms of this section does not obligate any person to make a comparable offer under
section 125 to any other person.