Following the consultation process in September 2013 on the proposed policy to automatically de-list entities if their securities have been suspended from trading for a continuous period of 3 years, ASX has released a revised Guidance Note 33, as well as some revised guidance in Guidance Note 8 dealing with the disclosures that ASX expects entities to make where their securities are suspended from quotation. Listed entities should familiarise themselves with the new guidance which will take effect from 1 January 2014 (with a transitional period until 1 January 2016). Long term suspended entities also need to consider carefully if they wish to remain listed and if so, develop a policy to resume trading in their securities prior to 1 January 2016.
ASX has released the final version of its new Guidance Note 33 Removal of entities from the official listwhich deals with when and how ASX may de-list an entity at the instigation of either ASX or the entity.
ASX consulted on the proposed new Guidance Note 33 in September 2013 to give effect to its policy to automatically de-list entities if their securities have been suspended from trading for a continuous period of 3 years. See the G+T Corporate Advisory Update for October 2013 for further details.
ASX has reported that the consultation process supported its proposal to de-list long term suspended entities but also provided the following worthwhile suggestions:
- guidance on the disclosures a listed entity should make if its securities are suspended from quotation; and
- including commentary discouraging listed entities from triggering an automatic delisting for non-payment of listing fees (under ASX Listing Rule 17.15) to circumvent the controls on voluntary de-listing.
ASX has released marked up version of the amendments to:
- Consultation version of Guidance Note 33 Removal of entities from the official list,and
- section 4.23 of Guidance Note 8 continuous disclosure: Listing Rules 3.1 - 3.1B,
which incorporate the suggestions received as part of the consultation process.
The new guidance will take effect form 1 January 2014 (with a transitional period until 1 January 2016 for Guidance Note 33).
See ASX’s media release dated 28 November 2013.