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Corporate Governance

Companies Update
31 March 2004
Update no 06/04

Important information for ASX Listed Entities

ASX Listing Rule Amendments - Capital Raising Mechanisms - Now available
The Listing Rules available on the ASX website and ASX Online have been updated to include certain amendments to the Listing Rules dealing with capital raising mechanisms that take effect on 31 March 2004. Listed companies were advised of these changes in the Companies Update of 16 March 2004, which include:
  • A new exception from listing rule 7.1 for securities to be issued under a security purchase plan (SPP) that does not require a prospectus or Product Disclosure Statement, pursuant to ASIC relief. The exception will not extend to issues to an underwriter of an SPP, and will be limited to issues of not more than 30% of ordinary issued capital, at a price that is not less than 80% of the average market price.
  • Reductions to the timetables for both renounceable and non-renounceable pro rata issues of 42%, from a total of 40 business days to a standard total of 23 business days.
  • A new exception from the rule for securities issued with investor approval under the takeover provisions of the Corporations Act. 
  • Certain technical amendments, including those relating to convertible securities.

The rule amendments are incorporated in hard copies of the Listing Rules together with other technical amendments that took effect 11 March 2004. The hard copies are currently being printed and will be despatched to listed companies and subscribers to the Listing Rules shortly.

Guidance Notes
A number of Guidance Notes have also been updated to reflect certain technical changes and these are also available on ASX Online and the ASX website. The Guidance Notes are:

  • Guidance Note 5 - CHESS Depositary Interests (CDIs)
  • Guidance Note 7 - Regulation S
  • Guidance Note 15 - Schedule of Fees
  • Guidance Note 16 - Trading Halts, has also been amended and updated to better express ASX policy.
  • Guidance Note 18 - Market Codes and Trading Procedures
  • Guidance Note 19 - Non-Business Days and Non-Trading Days

Corporate Governance - Implementation Review Group report released today
The Implementation Review Group released its conclusions today on the ASX Corporate Governance Council's guidelines. The Review Group is an independent body commissioned by the Council to report on how well the guidelines have been accepted and understood and to make recommendations to the Council. The report, together with the Council's response can be found on the corporate governance page on the ASX website.  ASX has also provided a summary highlighting relevant guidance for companies.

eLodgement of ASIC Forms
ASX has now introduced a new service, called ASX Online - Professional Advisors, that allows accountants, lawyers, etc to electronically lodge specific ASIC forms such as substantial shareholder notices directly with ASX for release to the market. 

These ASIC forms are available on the new website, can be completed online, and no fees or charges apply. Simply convert to pdf format and then elodge the form with ASX. To join ASX Online - Professional Advisors or for more information, contact the ASX Online Help Desk on 1800 028 302. 

ASX Company Announcements Office - 
Anzac Day - Hours for Monday, 26 April 2004

ASX's Company Announcements Office will close at 5.30pm EST (Sydney time) on Monday, 26 April 2004.

Announcements received after 5.30pm EST (Sydney time) on this date will not be processed until the following business day. Companies are asked to ensure that they allow sufficient time for ASX staff to receive and process announcements at that time.

For a full list of ASX non-business and non-trading days for 2004 please visit the 2004 calendar.

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.