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We are committed to staying up to date with the legal developments in all the sectors that we work in, and our lawyers provide regular insight and commentary on developments across Africa's legal landscapes.

1 April 2026 Article

The TRP’s latest ruling on concert party determination and CFD arrangements

On 24 December 2025, the Takeover Regulation Panel (TRP) released a ruling in relation to the mandatory offer by Novus Holdings Limited (Novus) to shareholders of Mustek Limited (Mustek) announced on 15 November 2024 (Ruling). The TRP determined that Numus Capital Proprietary Limited (Numus), one of Novus’s brokers, acted in concert with Novus in relation to the mandatory offer, and that Novus held beneficial interests in Mustek shares underlying its “ contract-for-difference ” (CFD) positions notwithstanding the contractual cash-settlement nature of a CFD.

Corporate & Commercial Law7 min read

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We are committed to staying up to date with the legal developments in all the sectors that we work in and our lawyers provide regular insight and commentary on developments across Africa's legal landscapes.