LISTED SUBSIDIARIES
Court rules in favour of HCI gaming revamp
The Competition Appeal Court decision could upend 20 years of competition law precedence
The Competition Appeal Court has given Johnny Copelyn’s Hosken Consolidated Investments (HCI) the all clear to restructure the gaming interests held by its listed subsidiaries Tsogo Sun and Niveus. On Monday afternoon, just hours before HCI’s self-imposed deadline of October 31, the court released a decision that could upend 20 years of competition law precedence. It creates an opportunity for merging parties to bypass the Competition Commission and seek a favourable ruling from the Competition Appeal Court. The court ruled the proposed transaction, which involves three listed firms, was not a notifiable merger in terms of the Competition Act. The court said the commission could not require a transaction to be notified "based on a reason that it wishes to assess the implications of such transaction". It said HCI’s proposed restructuring did not give rise to a situation of a change in qualitative control. The commission and Competition Tribunal conducted an assessment of HCI’s acquis...
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