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ASX Listed Entities Update

Listed Entities Update 17 October 2012 Update no 10/12
ASX Listed Entities Update
1. Release of Guidance Note 8: Continuous Disclosure consultation materials

On 17 October 2012 ASX released for public comment:
  • a consultation paper entitled Review of ASX Listing Rules Guidance Note 8 - Continuous Disclosure: Listing Rules 3.1 - 3.1B;
  • a proposed new version of Guidance Note 8: Continuous Disclosure: Listing Rules 3.1 - 3.1B;
  • a shorter guide entitled Continuous Disclosure: An Abridged Guide; and
  • proposed Listing Rule changes outlined in a document entitled Proposed Disclosure Related Amendments to the ASX Listing Rules.
The consultation package is available on the ASX website at:
http://www.asxgroup.com.au/public-consultations.htm.

The focus of the consultation is the proposed new version of Guidance Note 8, which is intended to provide listed entities and their officers and advisers with clearer, more detailed information to assist them in understanding and complying with their continuous disclosure obligations under Listing Rules 3.1 - 3.1B.

ASX is inviting comments from all interested stakeholders on the consultation materials. Submissions are due by Friday, 30 November 2012.

ASX will be running a national road show in advance of that date for listed entities and their officers and advisers to familiarise them with the consultation materials and explain the thinking behind the proposed changes. The road show will feature a presentation by Kevin Lewis, ASX's Chief Compliance Officer, followed by an opportunity for questions.

The proposed dates and venues for the presentations are:
Melbourne: 1 November 2012 (4.00-5.30 pm) at RACV, 501 Bourke Street
Brisbane: 8 November 2012 (9.00-10.30 am) at Chifley at Lennons, 66 Queen Street
Sydney: 16 November 2012 (9.30-11.00 am) at ASX Exchange Square, 20 Bridge Street
Perth: 21 November 2012 (9.00-10.30 am) at Parmelia Hilton Hotel, 14 Mill Street
Adelaide: 23 November 2012 (9.30-11.00 am) at Allianz Centre, 55 Currie Street.
Invitations will be issued to subscribers to Listed Entities Updates by email in due course. Subscribers however may want to save the date and time for their local presentation in their diaries now.

2. ASX Bookbuild

ASX recently announced the launch of a new capital raising facility called ASX BookBuild which uses the intellectual property of On-Market Bookbuilds (OMB).

ASX BookBuild will enable companies to:

  • access demand from all eligible investors;
  • facilitate contestable pricing, potentially lowering capital raising discounts;
  • maintain control, with their Lead Manager, of the pricing and allocation parameters of the bookbuild; and
  • still reward early bidders, allocate to long-term investors, and reward price leaders
ASX BookBuild is not mandatory but provides companies with more choice and flexibility when raising capital.

Further information can be found at www.asx.com.au/bookbuild. This web page includes a copy of the ASX BookBuild consultation paper (submissions close 24 October) and a facility to complete a survey about the initiative.

If you have already completed the survey thank you for your feedback.

ASX BookBuild is anticipated to be operational in December 2012, subject to the obtaining of regulatory approval.

3. Next non-business day

ASX reminds listed entities that the next non-Business Day is Tuesday 6 November 2012, Melbourne Cup Day. Please take this into account if you are planning the timetable for a corporate action that will run over a period including that date.


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