Novus Holdings

Novus Holdings is a JSE-listed printing and packaging group that launched a mandatory offer for Mustek shares and was the subject of the TRP (Takeover Regulation Panel)‘s landmark 24 December 2025 ruling on concert party determination and beneficial interests in CFD arrangements. The TRP found that Numus Capital (Novus’s broker) acted in concert with Novus, triggering a mandatory price increase from R13.00 to R15.41 per share (15.4%). This ruling established the four-element concert party test applied in the AttBid context and was the case in which Albie Cilliers’s TRP complaint produced a concrete price adjustment — demonstrating that the TRP will use its powers to correct concert party suppression. Novus announced its intention to seek review by the Takeover Special Committee.

Connections

• TRP (Takeover Regulation Panel) — issued the December 2025 ruling
• Mustek — target of Novus’s mandatory offer
• Albie Cilliers — filed the TRP complaint that triggered the ruling
• Concert Party — the ruling defined and applied the 4-element test