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2023-12-09 8:41 AM

Castleview’s Strategic Move: Shareholder Power Unleashed in Bid for Financial Freedom

  • Financial Assistance Approval: Castleview seeks shareholder nod to provide financial aid to related companies, enhancing strategic initiatives.
  • Transparent Decision-Making: The company ensures transparency by promptly disclosing results on the Stock Exchange News Service (SENS).
  • Empowering Shareholder Participation: Shareholders can vote on the special resolution within 20 business days, contributing to corporate decisions.
By Lethabo Ntsoane

Castleview Property Fund Limited, listed on the Johannesburg Stock Exchange (JSE) under the share code CVW, has announced its intention to seek shareholder approval for providing financial assistance to its related and inter-related companies. The move is in line with Section 60 of the Companies Act, 71 of 2008, and aims to facilitate the subscription for options and/or securities to fund the activities of the Group.

Resolution Purpose: Empowering Financial Endeavors

The board of directors of Castleview has taken the decision to approach shareholders to secure a general authority. This authority will enable the company to extend financial support to its associated entities and financiers. The assistance will be directed towards subscribing for options and/or securities issued or to be issued by Castleview or its related/inter-related companies. The overarching goal is to fuel the ongoing and future initiatives of the Group.

Distribution of Notice: Transparency and Accessibility

Castleview shareholders can expect to receive the notice of submission of the special resolution on Friday, 8 December 2023. The comprehensive information, along with a consent form, will be made available on the company’s website, providing transparency and accessibility to all stakeholders.

Voting Process: Balancing Efficiency and Shareholder Rights

Shareholders have the opportunity to participate in the decision-making process within 20 business days after the resolution notice is distributed. Importantly, the special resolution will be considered adopted once the exercised voting rights in favor reach the mandatory 75% of all Castleview shareholders, irrespective of the 20-business day period.

Table 1: Key Dates

Notice Distribution8 December 2023
Record Date1 December 2023
Voting Deadline17 January 2024
Results Announcement on SENS18 January 2024

Results Announcement: Transparency in Action

The outcome of the voting on the special resolution will be promptly disclosed on the Stock Exchange News Service (SENS) by no later than Thursday, 18 January 2024. This commitment to transparency ensures that shareholders are kept informed about the decisions that impact the company and their investments.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo