Significant Matters

Imperial / Midas

26 May 2010|In Significant Matters

Nortons Inc. represented both Imperial Group (Pty) Ltd (“Imperial Group”) and Midas Group (Pty) Ltd (“Midas Group”) in successfully obtaining competition law approval from the South African Competition Tribunal on 21 September 2009 in relation to the large merger between the two companies. The transaction entailed the acquisition by Imperial Group of 56% of the issued share capital of the Midas Group and, according to Imperial Group, amounted to the “biggest deal it had pursued in years.”

JSC’s conduct found to be unlawful

26 May 2010|In Significant Matters

In a recent judgment, the WCHC granted an order declaring that the proceedings and actions of the Judicial Service Commission (“JSC”), at a meeting in April 2011 to interview and select candidates for judicial appointment in respect of three vacancies on the bench of the WCHC, was unlawful. Despite being presented with a list of seven candidates, which included four senior counsel, the JSC opted to recommend only one candidate for judicial appointment. As a result, two of the three vacancies on the bench of the WCHC remained vacant. The Cape Bar Council brought an urgent interdict, inter alia, requesting that the WCHC order the JSC to, once properly constituted, consider afresh the applications of the shortlisted candidates who were ultimately unsuccessful. Nortons Inc. supported the application as an amicus curiae (friend of the court). The WCHC held that the meeting, which proceeded despite the absence of key members of the JSC, was not in accordance with the requirements of the Constitution of South Africa and, accordingly, unlawful and constitutionally invalid. It also found that the voting procedure used by the JSC was inconsistent and arbitrary and, consequently, rejected the JSC’s explanation that the remaining vacancies were not filled because the unsuccessful candidates failed to achieve the required number of votes. It concluded that the failure to fill the remaining vacancies was unconstitutional and unlawful and fell to be set aside. As a result, the JSC will have to meet again, this time properly constituted, to consider afresh the candidates’ applications.

Johannesburg Stock Exchange / Bond Exchange of South Africa

26 May 2010|In Significant Matters

Nortons Inc. successfully represented both the Johannesburg Stock Exchange Ltd (“JSE”) and the Bond Exchange of South Africa (“BESA”) in the JSE’s R240.5 million acquisition of the entire ordinary share capital of BESA. Nortons Inc. managed to secure the approval of the large merger by the South African Competition Tribunal despite opposition from shareholders of BESA.

Tsogo Sun Gaming / Century Casinos

26 May 2010|In Significant Matters

Nortons Inc. assisted both Tsogo Sun Gaming (Pty) Ltd (“Tsogo Sun Gaming”) and Century Casinos Incorporated (“Century Casinos”), the US based gaming company, in gaining unconditional approval from the South African Competition Tribunal for Tsogo Sun Gaming’s R490 million acquisition of Century Casino’s shares in Century Casinos Africa. The deal saw Century Casino selling substantial share percentages in a number of top casino locations in South Africa. These include full ownership of the Caledon Hotel, Spa and Casino in Caledon near Cape Town, as well as 60% ownership of Century Casino in Newcastle. Tsogo Sun Gaming is a wholly owned subsidiary of Tsogo Sun Holdings, itself a subsidiary of a Johannesburg Stock Exchange and London Stock Exchange listed company.