Alastair Dixon

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Interventions to facilitate the raising of capital on the JSE

By Alastair Dixon and Olivia Radford on July 19, 2020 Posted in General

There have been calls for the JSE to amend its Listings Requirements to allow listed companies to issue shares more quickly in times of crisis ‘without interference from shareholders’. The JSE’s regulatory framework already provides listed companies with various capital raising methods, including some expedited methods. Having to obtain shareholder approval is an important element … Continue reading

Methods of raising capital on the JSE

By Alastair Dixon and Olivia Radford on July 10, 2020 Posted in General

The JSE has amended its Listings Requirements in the past few years by introducing alternative methods of raising capital and measures aimed at expediting traditional methods. The JSE is aware that, in times of crisis, listed companies may need to raise capital at short notice. Delays in the raising of capital, particularly those caused by … Continue reading

South Africa’s March 2020 ratings downgrades could be a catalyst for structural reforms

By Alastair Dixon and Olivia Radford on April 30, 2020 Posted in General

On 27 March 2020, the last of the three major ratings agencies announced its downgrade of South Africa’s sovereign credit rating to ‘Ba1’. This downgrade rendered South Africa’s sovereign credit rating as non-investment grade. On 3 April 2020, two of the three major ratings agencies downgraded the major South African banks’ credit ratings to ‘BB’ … Continue reading

SARB’s responses to COVID-19 and its recommendation to South African banks on the payment of dividends and executive bonuses in 2020

By Alastair Dixon and Olivia Radford on April 21, 2020 Posted in General

The SARB’s Prudential Authority (PA) issued a guidance note advising that it did not expect banks to distribute dividends on ordinary shares or pay cash bonuses to senior executives in 2020. This guidance is not binding on banks but is recommended. In terms of section 46(2) of the Companies Act 2008 resolutions authorising a distribution … Continue reading