NZX Regulation has celebrated Emirates Team New Zealand winning the America’s Cup for a third time yesterday by publishing its third batch of “practice notes” to provide user-friendly advice on common questions raised by issuers and their advisors.
As with NZX’s previous two rounds of practice notes, the notes are designed to be a short-form practical guide to complement NZX’s existing guidance. They cover:
- applications for quotation, including a template letter
- the structure and timing for accelerated entitlement offers
- the announcement requirements for a conversion of securities
- the delisting process for equity issues, and
- further practical guidance on disclosure practices.
NZX has also revised its practice note on notices of meeting to further clarify the requirements for notices of meeting and proxy forms in certain circumstances, as well as several minor text corrections. The practice note that we expect will be of most interest to issuers generally is the practical guidance on disclosure practices, as it provides guidance on how to manage disclosure obligations when:
- material information arises during trading hours
- material information arises outside of trading hours
- material information arises for an issuer that is listed on more than one exchange, and
- a third party releases information about an issuer.
Interestingly, NZX Regulation has confirmed that when material information arises outside of trading hours, while Listing Rule 10.1.1(b) requires that information be provided to NZX first, NZX Regulation “would not be concerned if the market announcement is lodged subsequent to a public announcement, as long as it is submitted prior to 8:30am on the next trading day”.