First of all, everyone else's advice is right on. See a lawyer. But not a labour lawyer. See a contract lawyer.
The OP's problem is the shareholders agreement. It is legally enforceable just about everywhere as it is a form of a business CONTRACT. Not an employment contract. Non-competition was a consideration he had to make in order to buy the shares. IANAL, but I am a shareholder, subject to a shareholders agreement. The terms we put into that agreement (and the 3 others that I have helped to work out since then) are for the protection of the shareholders of a narrowly held company that has no likelihood of either being publicly traded, and whose shares are not readily saleable.
I would be interested in knowing if the SA has a shotgun clause. If so, have you considered pulling the trigger on it? If not, and it is there, then the threat of pulling the trigger at some price the majority (or other) shareholders would find uncomfortable is often enough to make them change their ways. But if you are considering that, think about whether or not you can find the backing to buy the whole company (even if very briefly), and if you do want to do that.
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The secret to great marksmanship is deciding what the target was AFTER you've shot.
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