{"id":25277,"date":"2023-04-08T07:42:59","date_gmt":"2023-04-08T07:42:59","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/bpopf-unwilling-to-acquire-shares-in-letshego"},"modified":"2023-04-08T07:42:59","modified_gmt":"2023-04-08T07:42:59","slug":"bpopf-unwilling-to-acquire-shares-in-letshego","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/bpopf-unwilling-to-acquire-shares-in-letshego","title":{"rendered":"BPOPF unwilling to acquire shares in Letshego"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Botswana. <\/strong><\/span><b>A Corporate Lawyer has weighed into the Letshego Holdings Limited \u2018s (LHL\u2019s), possible take-over by Botswana Civil Service and pushed the blame on the door-steps of The Government Enclave.<\/b><\/p>\n<p>\u201cThe most unfortunate thing about Botswana is that we do not have the Mergers and Acquisitions\u2019 Law. We operate on Rules, and Rules are not laws,\u2019 Sipho Ziga, a partner at Armstrongs Attorneys said.<\/p>\n<p>\u201cWhat we need to do is to come up with laws which are incorporated in the Companies Act. They must be effective and enforceable in law like in South Africa,\u201d he added.<\/p>\n<p>The Botswana Public Officers Fund (BPOPF) reached 35.3 percent shareholding in Letshego 13 months, and the Botswana Stock Exchange Limited\u2019s ( BSEL\u2019s ) Rule says issues concerning Mergers and Acquisitions \u2013 meaning 35 percent stake if you buy up \u2014 made reference to the South African legislation since Botswana has not yet established its own.\u201c Until the Botswana Mergers and Acquisitions Code is in place, the Mergers and Acquisitions Rules refer to the relevant parts of the South African Companies Act No.71 of 2008 and 2011, \u201c BSE Rules states.<\/p>\n<p>Among other things, that specific pieces of South African legislation impose strict conditions and makes takeover mandatory once you acquire 35 percent. It also imposes strict timetables on transactions. Within one business day after the date of acquisition of at least 35 percent of the target\u2019s shares, the person or entity that has acquired must give notice to the remaining shareholders of the target, making an offer to acquire any and all of the target remaining shares ( section 123 (3), Companies Act).<\/p>\n<p>Given this scenario, the BPOPF should have given the reset of shareholders an offer- especially the minorities to exercise their rights.<\/p>\n<p>\u201cThe rule is meant to protect the rights of the minorities,\u201d one analyst said.<\/p>\n<p>Andile Nikani, an executive director at South African\u2019s Take-over Regulatory Panel (TRP),said : \u201cAs you know, the South African regulator does not have jurisdiction in Botswana, and most importantly, we cannot second guess the decision of the Botswana stock exchange.<\/p>\n<p>BPOPF\u2019s argument is that they got exempted from the Rules by the BSE Rules which was supposed to enforce them.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/botswana\">Botswana<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Botswana. A Corporate Lawyer has weighed into the Letshego Holdings Limited \u2018s (LHL\u2019s), possible take-over by Botswana Civil Service and pushed the blame on the door-steps of The Government Enclave. \u201cThe most unfortunate thing about Botswana is that we do not have the Mergers and Acquisitions\u2019 Law. We operate on Rules, and Rules [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":25276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,237,234],"class_list":["post-25277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BPOPF unwilling to acquire shares in Letshego - Botswana<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/bpopf-unwilling-to-acquire-shares-in-letshego\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BPOPF unwilling to acquire shares in Letshego\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Botswana. A Corporate Lawyer has weighed into the Letshego Holdings Limited \u2018s (LHL\u2019s), possible take-over by Botswana Civil Service and pushed the blame on the door-steps of The Government Enclave. \u201cThe most unfortunate thing about Botswana is that we do not have the Mergers and Acquisitions\u2019 Law. We operate on Rules, and Rules [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/bpopf-unwilling-to-acquire-shares-in-letshego\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-08T07:42:59+00:00\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bpopf-unwilling-to-acquire-shares-in-letshego#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bpopf-unwilling-to-acquire-shares-in-letshego\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BPOPF unwilling to acquire shares in Letshego\",\"datePublished\":\"2023-04-08T07:42:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bpopf-unwilling-to-acquire-shares-in-letshego\"},\"wordCount\":373,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bpopf-unwilling-to-acquire-shares-in-letshego#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/04\/postQueueImg_1680923454.00.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/bpopf-unwilling-to-acquire-shares-in-letshego#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bpopf-unwilling-to-acquire-shares-in-letshego\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bpopf-unwilling-to-acquire-shares-in-letshego\",\"name\":\"BPOPF unwilling to acquire shares in Letshego - 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