Listing Decisions Series 12-2 — Changes to the trading timetable on a capital reorganisation (March 2000) (Updated in September 2009)
|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).
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.
Company A was required to issue a paid announcement2 and an additional circular informing the shareholders of the changes to the timetable.