Registrar Directive 02 of 2023 Compliance to Section 108 on Share Warrants and Bearer Shares

= . REGISTRAR DIRECTIVE

mpa Sa 02 of 2023

COMPLIANCE TO SECTION 108 ON SHARE WARRANTS AND

BEARER SHARES

On 21 July 2023, the Companies Amendment Act, 2023 (Act No. 4 of 2023) was On

21 July 2023, the Companies Amendment Act, 2023 (Act No. 4 of 2023) was RAL

into force by publication. The amendment Act repealed section 107 of Act 28 of

2004. Section 107 dealt with “Share warrant to bearer”.

Further, the amendment act amended section 108 of Act 28 of 2004 in which such

amendment directs any person issued with a share warrant prior to the

commencement of the amendment act, to convert the share warrant to an

ordinary par value share within 30 days after the commencement of the act.

A bearer of a share warrant who fails to comply with provisions of section 108 (4)

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The Registrar hereby gives notice to all bearers of warrant shares, that have not

converted such shares, to convert such warrant share to ordinary par value share

by no later than 30 November 2023. Failure to have converted such bearer shares

to ordinary par value shares, renders such shares null and void and as such wna

value. Additionally, all bearers that remain non-compliant post-30 November 2023,

will be liable to a fine not exceeding N$40 everyday during which the contravention

continues.

Further, all financial institutions, legal firms and stockbrokers are hereby implored

to cease all transactions with owners of bearer shares with immediate effect. This

includes transactions related to the purchase/issuing of bearer shares or for

mamman? ef CPR nee.

By order:

07 NOV 2023

PO Box 1B5 Wind!

Teli +26464 Seousunte

Fax: +26461 401061

2, Email: info@bipa.na

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2 ChietExags®

03 NOVEMBER 2023

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