GEN - General - Consultation process on proposed changes to Listings

GEN - General - Consultation process on proposed changes to Listings            
Requirements regarding information to be included in summary circulars          
Section 6.11 of the Companies Act 71 of 2008 ("the Act") makes provision for    
a  summary  document,  record or statement to be sent to  shareholders,  the    
summary must however comply with the prescribed requirements in the  Act  or    
Regulations, if any.                                                            
Both the Act and Regulations do not stipulate the prescribed requirements       
for a summary of the content of the information for circulars. In order to      
align the JSE Listings Requirements ("LR") to the Act we recommend that         
minimum criteria/requirements be established stipulating the information        
that needs to be included in a summary circular as required in terms of the     
LR. The minimum criteria should be prescribed by the JSE as the custodians      
of the LR.                                                                      
In addition to the above, we would recommend that the current section 2.8 of    
LR,  be  amended  to include a provision that the summary circular  must  be    
reviewed and approved by the Sponsor as confirmation of compliance with  the    
LR before it is released. The Sponsor will have to provide such confirmation    
to the JSE.                                                                     
The  JSE is therefore, considering an amendment to the Listings Requirements    
to  make  provision  for  the content of summary circulars  to  be  sent  to    
shareholders.                                                                   
The proposed Listings Requirements are available on the JSE`s website at        
http://www.jse.co.za/How-To-List/Main-Board/Listing-                            
requirements/Announcements-regarding-listing-requirements and interested        
parties are invited to submit their comments by no later than 30 April 2012.    
Comments can be submitted electronically to thandekam@jse.co.za.                
28 March 2012                                                                   
Date: 28/03/2012 16:04:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department.