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
