26.11 CONCLUSION
I believe that in the light of all the rules around private companies this has to be overkill and places a huge burden of administration not only for companies but for the regulators. A better solution needs to be found.
Perhaps what should happen is that provided all the existing shareholders of the private company agree in the abovementioned situation, they should sign a particular document or form to the effect that no shareholder is prejudiced by the affected transaction. There should be no cost or perhaps only a nominal cost associated with this filing. Once the form is filed then automatic exemption is granted to the private company and no time need be spent on the matter by the TRP.