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ASX Listed Entities Update

25 October 2013 Update no 07/13
1. ASX public consultations
Listed entities are reminded that public consultations on corporate governance and long-term suspended entities are currently open.

Corporate governance consultations
On 16 August 2013 the ASX Corporate Governance Council announced that it would be consulting on a proposed third edition of its Corporate Governance Principles and Recommendations. ASX also announced that it would be consulting on Listing Rule and Guidance Note changes to complement and give effect to the reforms proposed by the Council in the third edition of the Principles and Recommendations.

A list of the consultation documents, together with links to the documents, was provided in ASX Listed Entity Update 05/13. Submissions are due by Friday 15 November 2013.

Long-term suspended entities consultation
On 12 September 2013 ASX issued a consultation package seeking comments on a proposal to automatically de-list long-term suspended entities if their securities have been suspended from trading for a continuous period of three years.

The consultation paper focuses on a proposed new Guidance Note 33 Removal of entities from the official list, which deals with when and how ASX may de-list an entity, either at its request or at the instigation of ASX. Submissions are due by Friday 1 November 2013.

A full list of ASX public consultations can be viewed at: http://www.asxgroup.com.au/public-consultations.htm.

2. Corporate Governance Podcast on ASX website
The ASX Corporate Governance Consultations roadshow podcast is now available on the Compliance Downloads page of the ASX website: http://www.asxgroup.com.au/compliance-downloads.htm.

3. Appendix 3B issue price for securities
Listed entities are reminded that the "Issue Price or Consideration" section (Box 5) in Appendix 3B may be used for the purpose of determining the value of quoted securities for the calculation of Subsequent Listing Fees (as set out in Guidance Note 15A – ASX Schedule of Listing Fees).

Where no issue price is provided, ASX will deem the securities have been issued for non-cash consideration and will fix a price for the purpose of calculating the fee in accordance with the following passage in Guidance Note 15:

"In the case of securities issued for non-cash consideration, ASX will fix the issue price for the purpose of calculating the subsequent listing fee as:
  • for an issue of securities notified to ASX during a normal trading session on a trading day – the closing price on that trading day;
  • for an issue of securities not notified to ASX during a normal trading session on a trading day – the opening price of the first trading session after the announcement of the issue.
The following exceptions apply:
  • in the case of an issue or successive issues of securities relating to a single defined event such as a takeover, merger or acquisition, the price applying at the time of notification of the event will apply for all related issues of securities; and
  • for quotation of restricted securities upon the expiration of the applicable escrow period, the initial offer price under the offer document will apply."
If an entity believes that the "Issue Price or Consideration" provided in the Appendix 3B does not accurately reflect the value of the securities for the purposes of fee calculation, ASX recommends it consults its Listings Adviser prior to lodging the Appendix 3B.

4. Next non-business day
ASX reminds listed entities that the next non-Business Day is Tuesday 5 November 2013, 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. Despite being a non-Business Day, this day is a trading day and ASX will be open for trading on Melbourne Cup Day. The ASX Settlement Calendar which advises these dates is available on the ASX website.

5. ASX BookBuild – now available
ASX BookBuild is an additional tool for brokers and investment banks to consider when advising listed entities, or entities seeking to list, on how to price and allocate new securities. ASX BookBuild is now available for use. Please refer to www.asx.com.au/bookbuild for further information.

6. ASX Sharemarket Game – use of company logos
ASX has undertaken a major redevelopment of its free online educational resource, the ASX Sharemarket Game. The new version of the game will allow listed companies to include their logos in the company lists and watch lists used in the game to help promote their brand with prospective new investors.

To facilitate this, ASX has added functionality to ASX Online which allows listed companies whose shares are included in the game (ie companies in the S&P /ASX 300 index) to upload their logos. Full details of the upload facility have been sent to the companies currently included in the game.

For further information about the upload facility for company logos, please contact the ASX Online helpdesk: 1800 028 302 or ASX.Online@asx.com.au.

About the Game
The ASX Sharemarket Game is a free online educational resource intended to provide a practical and realistic simulation of investing in the sharemarket.

The game has been conducted by ASX, and before that by State exchanges, for over 30 years. We offer 2 games twice yearly - a schools game which is available to secondary school students registered by their teachers and a public game which is available to anyone.

The schools game has over 1000 schools participating across Australia per game with over 70,000 students playing annually. The public game attracts approximately 30,000 players a year. Public game players are mainly novices who are keen to start investing, along with some repeat players trying out different investment strategies.

Game participants are given a virtual $50,000 to invest and the winner is the person or syndicate with the highest portfolio value at the end of the game period. All trades incur brokerage and to ensure a realistic experience shares are bought and sold using real time prices.

7. ASX Group website – www.asxgroup.com.au
The ASX Group website will be integrated into the ASX website www.asx.com.au next month. The websites are being consolidated to make it easier for you to find all the latest news and information in one place. In the meantime please use www.asxgroup.com.au as normal.

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