28 September 2020

Compliance update: Capital raising relief extended

This month, ASIC extended its temporary relief for capital raisings aimed to assist listed entities affected by the COVID-19 pandemic to raise capital in a quicker and less costly way without undermining investor protection. The temporary measures were due to expire in October 2020. The temporary measures will now expire on 1 January 2021.

The relief was originally announced on 31 March 2020 and enables certain ‘low doc’ offers (including rights offers, placements and share purchase plans) to be made to investors without a prospectus, even if they do not meet all the normal requirements.

In its announcement, ASIC stated it will continue to monitor the appropriateness of these temporary relief measures in light of the impacts of COVID-19 on capital markets …and if appropriate to end the relief before the expiration dates or to further extend it. In making this further assessment, ASIC will consider the:

  • extent of the capital raising activities conducted in reliance on the legislative instruments;
  • length of the suspensions required in order to execute a capital raising in the current environment;
  • level of market volatility; and
  • extent and impact of any easing of restrictions implemented by state and federal governments in response to COVID-19.

 

30 July 2020

Assessment of Virtual AGMs — Must try harder!

BEN REBBECK, EXECUTIVE DIRECTOR As the repercussions of the COVID pandemic started to impact the corporate sector ASIC, the Australian corporate regulator, following advice and prompting from their foreign counterparts, allowed Australian listed companies to hold fully virtual Annual General Meetings. ASIC’s pathway to enable virtual AGMs, as they were the first to admit, was […]

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28 July 2020

Corporate Purpose during the Coronavirus pandemic

GILES RAFFERTY, Corporate Communications and Media Advisor, writing for the Winter 2020 Issue of Listed@ASX. What does the Coronavirus pandemic and the ‘new normal’, that is expected to emerge in its wake, mean for a Company’s purpose? As the pandemic surges across the globe many senior corporate leaders will, rightly, view the immediate purpose of […]

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29 June 2020

The Tipping Point for ESG is Now (Part Two)

VICTORIA GEDDES, Executive Director. In Part 1 of our article on ESG last month* we looked at the extent to which ESG reporting has gained hold in Australia and whether the strong performance of ESG funds recently might represent a moment in time when investing according to ESG principles becomes mainstream. We introduced the Standard […]

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28 May 2020

The Tipping Point for ESG is Now

VICTORIA GEDDES, Executive Director. The relentless push towards the adoption of Environmental, Social and Governance (ESG) reporting by companies across the globe appears to be gaining momentum. As entire populations have gone into hibernation in an effort to contain the spread of the coronavirus, the topic of greatest interest in the global investment community is […]

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30 March 2020

Guidance in Uncertain Times

VICTORIA GEDDES, Executive Director Guidance and outlook statements, freshly minted from the February reporting season, are already being consigned to the waste paper basket. This makes sense when every week brings a new development that has the potential to threaten the very survival of many businesses. So what do you say to your shareholders when […]

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