A few days ago, on Thursday, 1 September, the Takeover Regulation Panel issued several rulings against the listed Caxton group , following a string of complaints from Mpact relating to announcements and press releases issued by Caxton and media interviews conducted by its chair Paul Jenkins and managing director Tim Holden. The rulings effectively gag Caxton and prohibit the company from making any further public statements about its proposed acquisition of Mpact.
“In light of the fact that the facts are common course, and we have held in favour of Mpact, and against Caxton, we have issued a direct ruling instead of making our determination under Section 169 of the Companies Act.” Nikani said it was not necessary for the TRP to appoint an investigator to conduct an investigation into the matters as all the facts are known. “I found it prudent to decide the complaint in terms of Regulation 118 of the Takeover Regulations.
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