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MPACT LIMITED - Mpact reaches agreement regarding non-notification on historic acquisitions

Release Date: 13/02/2020 16:20
Code(s): MPT     PDF:  
Wrap Text
Mpact reaches agreement regarding non-notification on historic acquisitions

Mpact Limited
(Incorporated in the Republic of South Africa)
(Registration number 2004/025229/06)
JSE share code: MPT ISIN: ZAE000156501
("Mpact")

Mpact reaches agreement regarding non-notification on historic acquisitions

Mpact notes the media statement issued by the Competition Commission (the Commission)
today regarding its referral of a settlement agreement, which Mpact reached with the
Commission, to the Tribunal for confirmation as a consent order. The settlement agreement
relates to the acquisition of various minority interests by Mpact’s predecessor-in-title, prior to
Mpact’s listing on the JSE in 2011, which were not notified to the Competition Authorities at
the time the shareholdings were acquired.

Mpact and the Commission reached a comprehensive settlement amounting to R7 million to
resolve all matters relating to the minority shareholdings which it held in these entities. The
settlement agreement is comprehensive in that it covers the failure to obtain the prior approval
of the Competition Authorities as well as any potential concerns, which the Commission may
have regarding the relationship between Mpact and the sheet plants concerned.

At all relevant times, Mpact and the sheet plants were principally in a supplier-customer
relationship and Mpact had a significant minority shareholding in the sheet plants
concerned. As such, Mpact has always maintained, contrary to the Commission’s
characterisation thereof, that the relationship between it and the entities in which it had
shareholdings has not been collusive in nature. However, the settlement agreement finally
resolves all potential concerns in this regard.


13 February 2020
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 13-02-2020 04:20:00
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