How did one qualify to participate in the Black Shareholder Retention Scheme?
Qualifying black shareholders (“QBSs”) had to provide sufficient information to the JSE no later than 28 April 2006 to indicate that, firstly, they are “black” as contemplated under the Charter and secondly, that they owned JSE shares on 28 March 2006. The following were considered in order to determine whether someone is “black” – • individuals: as per Financial Sector Charter (Africans, Coloureds and Indians who are South African citizens) • companies: 50%+1 owned and controlled by black people • closed corporations: 50%+1 owned and controlled by black people • trusts: majority of trustees black and all beneficiaries black • stokvels and other associations of members: all members must be black. QBSs must have owned or acquired JSE shares before 28 March 2006 and must hold them until 1 June 2011 in order to be able to exercise the options granted to them under the Black Shareholder Retention Scheme.
