About Offers of Securities to the Public

Abstract

The basic principles are that if there is an offer, if the offer is in respect of securities, and the offer is made to the public, the offer in the primary market must be accompanied by a prospectus and in the secondary market it must be accompanied by a written statement (ss 99 and 101 of the Companies Act 71 of 2008). The three determinants, namely, offer, securities and public therefore trigger the disclosure by prospectus or written statement.