Listing Rules and Guidance: Contents


 
 

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LD12-2

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Listing Decisions Series 12-2 — Changes to the trading timetable on a capital reorganisation (March 2000) (Updated in September 2009)

Summary
Name of Party Company A — a listed company
Subject Changes to the trading timetable on a capital reorganisation
Listing Rule Paragraph 20.5 of the Listing Agreement 1
Decision Company A was required to issue a paid announcement2 and an additional circular informing the shareholders of the changes to the timetable

Summary of Facts

Company A proposed to effect a share consolidation, which was subject to shareholders' approval to be obtained at a forthcoming special general meeting. A circular was despatched to its shareholders but, due to a technical problem, the trading timetable had to be amended two days after the despatch of the circular (which was still before the date of the meeting).

Analysis

The amended timetable constituted important information which the shareholders would need to have when deciding how to vote at the special general meeting. An announcement was not sufficient for ensuring that all shareholders were duly informed.

Decision

Company A was required to issue a paid announcement2 and an additional circular informing the shareholders of the changes to the timetable.

Notes:

1. This rule was amended in March 2004. The relevant rules after the rule amendment are Note 3 to Rule 13.52 and Rule 13.73. (Added in September 2009)
2. The requirement for publication of paid announcements in newspapers was abolished on 25 June 2007. After the rule amendment, issuers must publish their announcements required under the rules on the Exchange's website and their own website. (Added in September 2009)