Trading procedures Manual
Transcription
Trading procedures Manual
Trading procedures Manual EJ September 2014 Page 1 of 4 Introduction Senwes attends to the trading of shares in Senwes Limited and Senwesbel Limited (hereinafter the "Senwes Group”) in house. Share transfers and restrictions Senwes shares are freely transferable whilst the shares of Senwesbel, the holding company, are not freely transferable. The latter shares may only trade amongst existing shareholders or new shareholders, with prior approval granted by the Senwesbel board of directors. Final approval vests with the Senwesbel board of directors in terms of the authority granted in the memorandum and articles of association of the company. Senwes will forward all instructions for the purchase of Senwesbel shares to Senwesbel for the necessary approval. The approval process will take at least seven days, but could take longer, depending on individual circumstances. Documentation required Should you wish to trade in Senwes or Senwesbel shares, the following documentation must be handed in at Senwes Head Office or any Senwes business unit. All documents must be marked clearly for attention: The Company Secretary. a) b) c) d) An original, signed trading mandate which, inter alia, authorises the transfer administrators to execute a transfer of shares on behalf of the Seller; proof of bank details in the form of a cancelled cheque or a copy of your bank statement; The FICA documentation required in terms of money laundering legislation. No trading in shares may take place without this documentation; A seller, who is in possession of physical share certificates, must return such share certificates to Senwes. Trading procedures Should you wish to trade in shares, Senwes must be instructed accordingly by means of a verbal or written instruction, per mandate. Instructions may be given telephonically at telephone number 018-464 7105. Calls will be recorded and any telephonic instructions will be legally binding. Trading will take place between 09h00 and 16h00 on week days. The following information must be provided in respect of all transactions: The Senwes membership number or shareholder number (if applicable); The identity number or registration number (in the case of legal persons); The class of shares in which you wish to trade; The number of shares to be purchased or sold; The period for which the instruction should be valid; The price at which you wish to buy or sell shares. It is recommended that potential buyers and sellers discuss current share prices with a financial advisor or broker before deciding on a transaction price. Senwes and Senwesbel officials and personnel will under no circumstances give advice regarding your investment or transaction prices. The price, at which you wish to trade, can be based on the following two principles: A fixed price; or a “best price” in other words the best available price at the time of the instruction. The instruction is placed in the market for trading. The transaction is concluded as soon as you instruction is traded in the market. The date upon which the transaction is concluded, is called the trading date. Trading note Senwes will provide trading notes to sellers and buyers to confirm all concluded share transactions. Page 2 of 4 Shares held as security Shares in the Senwes Group are, in terms of the scheme of arrangement at the time of conversion of Sentraalwes Cooperative, automatically ceded and pledged as security for current and future debt, if any, of a client who is also a shareholder. When shares are therefore sold, Senwes has to grant permission for the shares to be sold and has to provide instructions regarding the proceeds of the sale of the shares. The approval process will take at least three days, but could take longer depending on individual circumstances. Bank details Buyers of shares must deposit the amount payable into the Senwes Share Trading Mechanism Trust Account before a transaction can be concluded. All payments must be made by means of a direct cheque deposit or electronic payment. No cash may be received. Senwes Share Trading Mechanism Trust Account Bank: Branch: Branch code: Account number: Reference number: ABSA Klerksdorp 334 338 950 000 295 ID-number / Client number Transfer of shares When the trading note is issued by Senwes, the transfer secretary will simultaneously receive notice of the transaction. The transfer of shares will be done thereafter. Written confirmation thereof will be sent to buyers and sellers. Settlement Settlement will take place on the clearance date as indicated on your trading note. Sellers of shares will receive the proceeds of the sales transaction, as indicated on the trading note, after recovery of the transaction costs. The net proceeds will be paid over electronically by Senwes to the Seller's nominated bank account, as indicated in the mandate. Should the proceeds be utilised in respect of outstanding debt, the amount concerned will be paid over to Senwes. The transaction costs are made up of trading fees, security transfer tax of 0, 25% of the purchase consideration (applicable to purchase transactions only) and VAT. Trading fees Trading fees are paid in terms of a sliding scale based on the amount of the transaction. Both the buyer and seller will pay trading fees, which will be as follows: TRADING FEES SELLERS Rand value of transaction Trading fees Below R200 R200 to R5 000 R5 001 to R10 000 R10 001 to R30 000 R30 001 to R50 000 No fees Fixed fee of R50 Fixed fee of R150 Fixed fee of R200 R200 plus 1% on value between R30 001 to R50 000 R200 plus 1% on value between R30 001 to R50 000 plus 0.75% on value between 50 001 to R500 000 Fixed % on capital - 0.5% Fixed % on capital - 0.35% R50 001 to R500 000 R500 001 to R1 000 000 Above R1 000 000 Page 3 of 4 BUYERS Rand value of transaction Trading fees Below R200 R200 to R30 000 R30 001 to R50 000 No trading fees Fixed fee of R200 R200 plus 1% on value between R30 001 to R50 000 R200 plus 1% on value between R30 001 to R50 000 plus 0.75% on value between 50 001 to R500 000 Fixed % on capital - 0.5% Fixed % on capital - 0.35% R50 001 to R500 000 R500 001 to R1 000 000 Above R1 000 000 Plus Value Added Tax. Deceased Estates (Estate Late) or Insolvent Estates Only the executor of the estate of a deceased shareholder or the Trustee of an insolvent estate will be authorised to provide a mandate for the trading of shares. Senwes Web site information For information regarding share prices, as well as bids and offers, visit www.senwes.co.za go to “shares” where the information appears. Confidentiality The Senwes trading desk will regard all documentation and transactions as confidential. The transfer and trading function have been split up in order to ensure the necessary internal control and integrity in the process. Access to the Senwes trading desk is limited during trading times. Contact details Name Detail Telephone Ansa Janse van Vuuren Trading (018) 464 7105 Claudi Smit Administration, enquiries Elmarie Joynt Company Secretary and Head of Division Registration number: transfers and general Senwes Limited Senwesbel Limited 1997/005336/06 1996/017629/07 (018) 464 7121 (018) 464 7104 The Company Secretary Senwes Limited PO Box 31 Klerksdorp 2570 Tel no: Tel no: Fax: 018 - 464 7104 018 - 464 7121 018 - 464 2228 Page 4 of 4