Dear Clients On Friday 14 May 2021 the Department of Forestry, Fisheries and Environment (DFFE) circulated the initial phase of the Socio-Economic Impact Assessment Systems (SEIAS) for three sectors coming up for reallocation in FRAP 2021. The three sectors were: Demersal Shark; Hake Longline: and Hake Deep sea Trawl. The SEIAS are a legal requirement […]

Dear Clients Please see the link below to public notice published by the Department of Forestry, Fisheries and the Environment (“DFFE”) this morning. The attached notice effectively amends the conditions under which Exemption Holders are permitted to operate (“exemption conditions”), particularly as they relate to the transfers of shares / members interest in Exemption Holders. […]

Dear Clients A shareholder’s rights of pre-emption, or pre-emptive rights as they are more commonly referred, in essence refers to a shareholders right of first refusal to be offered another shareholders shares in the event that such shareholder should wish to dispose of his / her shares. By way of example, if a shareholder should […]

Dear Clients Family Trusts have come under increasing scrutiny by the Broad-Based Black Economic Empowerment (“B-BBEE”) Commission (“the B-BBEE Commission”) who seem to take a dim view on Trusts when it comes to claiming black ownership recognition under the B-BBEE Act and B-BBEE Codes of Good Practice (“the Codes”). For those who are not familiar […]

Dear Clients As you are all aware, as of 31 December 2020 commercial fishing rights allocated in terms of section 18 of the Marine Living Resources Act 18 of 1998 (MLRA) in the following sectors expired and have reverted back to State: Hake Deep Sea Trawl, Small Pelagic, South Coast Rock Lobster, KZN Prawn, Hake […]