South African Nedbank faces huge losses if SRP rules against Acc-Ross

By bne IntelliNews July 28, 2010
Should SecuritiesRegulation Panel (SRP) rule against Nedbank in its case regarding Acc-Ross, alisted golf course developer now called Pinnacle Point, their losses could runinto billions. Accused of violations of the SRP code governing mergers andacquisitions, Nedbank allegedly had not made an offer to shareholders when the35% ownership level had been crossed. Based on previous decisions in similarcases, SRP could force Nedbank into making a compulsory offer to shareholdersin the Acc-Ross/ Pinnacle of ZAR 1.00 per share, the highest price paid forAcc-Ross shares when the alleged breach took place - breaching SRPs code.Pinnacles shares are trading at ZAR 00.04 (four cents) per share at the timeof writing.

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