AttBid Seed Round — Open Questions
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AttBid MOI and shareholders’ agreement: What are the specific reserved matters and decision thresholds? Does the van der Walt brothers’ 51% give them ordinary-resolution majority over consequential decisions (distributions, strategic asset sales, APH governance positions) — or are these supermajority-gated in a way that makes 51% cosmetic?
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Cilliers’s APH board standing: Does his status as a former (or current) APH board member — with inside knowledge of internal valuations and capex plans — change how a court would weight a s164 appraisal claim against Investec’s floor-of-range opinion? Does it give him s163 oppression standing directly against APF?
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Brothers’ exit optionality: If APH stagnates and van der Watt continues refusing distributions and asset sales, what is the brothers’ practical recourse? Is there any SA precedent for a 51% majority shareholder successfully using s163 or common-law oppression remedies against a 49% operating partner to force monetisation?
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Dirk’s WeBuyCars trading — FSCA status: Has the FSCA opened or closed any market-abuse inquiry into Dirk’s purchase of 450,000 WBC shares on 20 November 2025 (two days after RMH cautionary) and his ~R433m disposal in February 2026 (three days before the formal AttBid announcement)?
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Cilliers’s s164 / s163 route post-delisting: If 90% acceptance is not reached by 26 May 2026, what does Cilliers’s remaining minority position look like in a delisted structure — and what is the litigation timeline and likely remedy from an SA court applying the Arrowhead NAV-basis framework?