26.10 EXEMPTION
The panel in terms of s 119 (6) may wholly or partially and conditionally or unconditionally exempt an offeror or an offer to an affected transaction from the application of any provision of Part B and Part C or the Takeover Regulations if;
a. There is no reasonable potential of the affected transaction prejudicing the interest of an existing holder of a regulated company’s securities;
b. The cost of compliance is disproportional relative to the value of the affected transaction or;
c. If doing so is otherwise reasonable and justifiable in circumstances having regard to the principle and purposes of Part B, Part C and the Takeover Regulations.
There is a process whereby a smaller company can make application for exemption and all the shareholders need to sign a waiver. The TRP will consider the application and levy a cost of R3420 per hour. In all likelihood the exemption will be granted but at an exorbitant cost.