Unbundling of equity shares in terms of Sec 46 of the South African Companies Act (the Act) often takes place to improve efficiencies and/or create value.
When doing so, you will also need to consider, inter alia, the following provisions of the Act, namely Sections 112 (disposal of the greater part of the undertaking or assets), 114 (appointment of an independent expert for a Report), 117 (approval from the TRP if applicable), 164 (dissenting shareholder appraisal rights) as well as the Companies Regulations.
Finally, you must also take into account the provisions of section 46 of the South African Income Tax Act.
A rather tall order, “but all these boxes need to be ticked”.