Director takes up Sars post
Africa’s largest grocer Shoprite said on Monday that its lead independent director Edward Kieswetter had resigned as a result of his appointment as the commissioner of the SA Revenue Services .
The regulations controlling takeovers prohibit directors from resigning from a board from the date an offer is made until it is declared unconditional, lapses or is withdrawn. The change must then be announced to the market “as soon as practically possible”. Shoprite did not provide any explanation for the delay in notifying shareholders but did refer to the need to get an exemption from the takeover regulation panel. On Monday, the panel’s deputy executive director, Basil Mashabane, told Business Day he could not talk about an ongoing transaction, but said the panel “is empowered to provide dispensation”.
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