Entire Section

  • Emergency share registration arrangements during a black rainstorm warning (17.80)

    • 17.80

      A black rainstorm warning occurring on either of the 2 ex-dates (as defined in rule 17.79) may affect the ability of the purchaser to effect registration in time. Accordingly, in the event of a black rainstorm warning, the following arrangements will apply:—

      (1) Where a black rainstorm warning is issued before 9 am and remains in effect at 12 noon:—
      (a) the last time for accepting shares for registration shall be deferred to the next business day during normal business hours for each ex-date affected; and
      (b) the book-close date shall be automatically postponed by the number of ex-dates affected;
      (2) Where a black rainstorm warning issued before 9 am is cancelled at or before 12 noon on either the first or second ex-date, the time for accepting shares for registration shall be deferred to 5 pm on the same day but no change will automatically be made to the book-close date;
      (3) Where a black rainstorm warning is issued at or after 9 am, no changes will be made in respect of the time for accepting shares for registration or the book-close date as the share registrar will open to the public as normal;
      (4) In each of the circumstances referred to sub-paragraph (1) to (3) above, listed issuers may alter the stated book-closure period in accordance with any delays made to the book-close date so that the book-closure period remains the same;
      (5) Listed issuers shall not be required to make any announcements with respect to changes made to the ex-dates or the book-close date in accordance with this rule. All investors and practitioners should be aware of these emergency share registration arrangements as any subsequent announcement given of date changes after a black rainstorm warning is not likely to assist them. On the other hand, if the deferments referred to above affect the dividend payment date or the end of the book-closure period, a listed issuer must give notice (by way of an announcement) of the new dividend payment date and any extension in the book-closure period as soon as practicable;
      (6) Where any of the circumstances referred to in sub-paragraphs (1) to (3) above occur on any deferred ex-dates or on a postponed book-close date, the same arrangements will apply mutatis mutandis;
      (7) Listed issuers are required to ensure that where a book-close date is automatically altered by virtue of these arrangements any reference to such date in a resolution, listing document, announcement or circular to shareholders will include such altered date.


      1 For clarity, the proposed arrangements have been summarised in Table 2 set out in the end of this Chapter.
      2 For the purposes of this rule and Table 2 set out at the end of this Chapter:—
      (a) references to "normal business hours" in respect of a share registrar means at least 9 am to 4 pm; and
      (b) references to a "trading day" shall have the same meaning as in the Rules of the Exchange.