Solutions
JSE fairness opinions and TRP fair and reasonable opinions
PSG Capital has significant expertise and experience in providing JSE fairness and TRP fair and reasonable opinions. Our dedicated team works diligently to provide clients with the highest standards of service, often under tight deadlines.
JSE fairness opinion
In the case of certain transactions and corporate actions, the JSE Listings Requirements require that a JSE-approved independent expert expresses an opinion on whether same is fair or unfair to shareholder of a listed company.
PSG Capital is one of a limited number of advisors who have been pre-approved by the JSE in order to provide fairness opinions. This is testament to the strength of our team and allows PSG Capital to accept and commence such client mandates immediately without the need to obtain further JSE approval, thereby saving time and providing clients with peace of mind.
TRP fair and reasonable opinion
The Companies Act and regulations require that, in the event of certain affected transactions governed by the Takeover Regulation Panel, an independent expert opines on whether same is fair and reasonable to shareholders.
When is a JSE fairness opinion and/or TRP fair and reasonable opinion required?
- JSE related party transactions, including, inter alia: (1)The sale or purchase of assets, (2) The provision of good or services, and (3) Shares issued for cash at a discount
- Options or convertible securities issued or granted to related parties at a discount
- Shares issued at market value, but the company provides financial assistance
- Securities repurchased from related parties at a premium
- Delisting from the JSE
- Affected transactions as defined in the Companies Act