The big question: If the deal goes through at 45 c given transaction costs you would come out at about 44c/43c. So it would make sence to sell at 43c (current mkt price) Alternativly if the deal doesn't go through and they improve the bid you could make more. Question do you hold out or do you sell?
I don't .. I think SARS takes a sale as a sale, forced or not .. BUT what they have done in the past with MSM and SBK where you forced sold a portion of a holding, you could rebuy without incuring a tax event ..
SARS will treat the sale as a tax event and IT vs CGT will depend mainly on the length of time that you held the stock. You may claim that you were "forced-out" but SARS will hold that the primary evidence is that the position was cleared early. You must prove otherwise. SARS may even hold that you bought for the buyout as a speculative position on a rumour (true for most of us.) If you took the matter to court - your IPSE DIXIT would hold sway as to establishing your intent. Unless you bought now to take advantage of arbitrage that is.
Most (if not all) of the major shareholders have voted in favour of the Scheme (see SENS) so I don't think this will not go through since it only needs 75% of the votes to pass. I think Lereko owns 20 odd % of the shares already.