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Important information for ASX Listed Entities
Keeping the Market Informed of Profit Variations
Keeping the market informed of changes in profit expectations is a fundamental part of continuous disclosure.
A material variation from the previous corresponding period, or announced projections or forecasts, gives rise to an obligation under Listing Rule 3.1 to disclose that variation immediately. It is not sufficient to wait until the periodic reporting deadline.
To ensure that the market is accurately informed, profit variation announcements should provide details, however qualified, of the extent of the variation. The use of vague or general language is likely to prompt ASX to request a clarification from the company.
For further assistance in complying with your obligations in this area, please click on the following link to the relevant Listing Rule Guidance Note: Guidance Note 8 - Continuous Disclosure: Listing Rule 3.1
Or for further information please contact your Companies Adviser.
Amending Corporate Action Timetables
It is essential for market efficiency that listed entities construct their corporate action timetables with realistic implementation dates.
Taking advantage of the full period available under the Listing Rules to complete the stages of a corporate action reduces the likelihood of needing to amend a timetable and avoids potential confusion for market participants.
Listed entities are encouraged to consult both their share registry provider and ASX prior to the finalisation and publication of all corporate action timetables.
Please contact your Companies Adviser with any timetable query.
Proposed Listing Rule Amendments - Revision of JORC Code
ASX has issued an Exposure Draft outlining proposed Listing Rule amendments to be considered in conjunction with the draft revised JORC Code. The JORC Code is the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and sets out minimum standards, recommendations and guidelines for reporting on mining and exploration activities by ASX listed entities.
The rule amendments are proposed to take effect in August 2004. ASX welcomes comments on the proposed amendments, which should be submitted by Wednesday 30 June 2004.
ASIC Proposal for Administering Infringement Notices
On 20 May, ASIC released a guide detailing how it will administer infringement notices for breaches of continuous disclosure law. The infringement notice remedy is part of the CLERP 9 Bill currently before the Commonwealth Parliament.
The guide is available on the ASIC website at http://www.asic.gov.au/clerp9
To help keep our Listed Entities informed of information and events ASX will be sending emails to the Company Secretary's Office from time to time. You are receiving this email because you have been identified as a key contact within the Company Secretary's Office at your organisation. If you would like to update your email address please do so via the Directors/Senior Management page on ASX Online for Companies. Feel free to forward this email to any relevant parties within your organisation.