[Last updated: 1 January 2025, unless otherwise noted]

The most utilized method for a listed company to delist its shares is for it to:

1. send a circular to its shareholders:
   • seeking their approval to delist;
   • clearly stating the reasons for the delisting; and
   • containing a bid to the shareholders for their shares accompanied by a statement from the board of directors that the bid is fair (who, in turn, have been so advised by an independent expert appointed for that purpose); and
2. submit a written application to the JSE stating from which time and date it wishes the delisting to be effective.

The JSE Committee will approve the delisting if the aforementioned shareholder approval has been obtained and the company has stated the reasons for its delisting in the written application.

The circular and shareholder approval will not be required if:

• in terms of a takeover bid, the bidder is to hold more than 90% of the shares in a regulated company and notice was given by the bidder of its intention to delist the shares in the initial bid document or any subsequent circular sent to the shareholders; or
• following the completion of a scheme of arrangement with shareholders, the bidder has acquired all the shares in the company or the JSE is satisfied (in its discretion) that the company no longer qualifies for a listing.