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13.49

(1)    An issuer shall publish in accordance with rule 2.07C its preliminary results in respect of each financial year as soon as possible, but in any event not later than the time that is 30 minutes before the earlier of the commencement of the morning trading session or any pre-opening session on the next business day after approval by or on behalf of the board. The issuer must publish such results not later than three months after the end of the financial year.
 
Note:    Newly listed issuers will be required to prepare and publish the relevant annual results (irrespective of whether the period in question ends on a date before or after the date on which dealings in the securities of the listed issuer commenced) where the three-month deadline for publishing the results falls after the date on which dealings in the securities of the listed issuer commenced. The requirements under rule 13.49(1) are not applicable to the reporting period which ended immediately before the listing of a newly listed issuer if the following is disclosed in its listing document:—
 
(a)    the financial information required under Appendix 16 in relation to annual results announcements, in respect of such reporting period; and
 
(b)    that it will not breach its constitutional documents, laws and regulations of its place of incorporation or other regulatory requirements as a result of not publishing such annual results announcements.

Such a newly listed issuer should publish an announcement no later than the time prescribed in rule 13.49(1) that the relevant financial information has been included in its listing document.
 
(2)    The preliminary announcement shall be based on the issuer's financial statements for the financial year which shall have been agreed with the auditors.
 
(3)     
(i)    Where an issuer is unable to make an announcement of its preliminary results based on its financial statements in accordance with rules 13.49(1) and 13.49(2), it must make an announcement not later than three months after the end of the financial year.

The announcement must contain at least the following information:—
 
(a)    a full explanation for its inability to make an announcement based on financial statements which have been agreed with the auditors. Where there are uncertainties arising from the lack of supporting evidence or relating to the valuation of assets or liabilities, sufficient information to allow investors to determine the significance of the assets or liabilities;
 
(b)    the expected date of announcement of the financial results for the financial year which shall have been agreed with the auditors; and
 
(c)    so far as the information is available, results for the financial year based on financial results which have yet to be agreed with the auditors. Where possible, those results must have been reviewed by the issuer's audit committee. In the event that the audit committee disagreed with an accounting treatment which had been adopted or the particulars published in accordance with rule 13.49(3)(i)(a), full details of such disagreement.
 
(ii)    Where an issuer makes an announcement in accordance with rule 13.49(3)(i), then:
 
(a)    the issuer will be required to comply with the requirements set out in rule 13.49(2), as soon as the financial results for the financial year have been agreed with the auditors; and
 
(b)    where the financial results for the financial year which have been agreed by the auditors differ materially from the financial results published by the issuer in accordance with rule 13.49(3)(i)(c), full particulars of, and reasons for, the difference must be set out in the preliminary announcement of such agreed results.
 
(4)    The preliminary announcement of results (made in accordance with rule 13.49(2) or 13.49(3)) must comply with the provisions set out in Appendix 16 in relation to preliminary announcements of results for the full financial year.
 
Note:    Issuers' attention is drawn to paragraphs 45 and 45A of Appendix 16.
 
(5)    [Repealed 25 June 2007]
 

Preliminary Announcements of Results — First Half of The Financial Year

(6)    The issuer shall publish in accordance with rule 2.07C a preliminary announcement in respect of its results for the first six months of each financial year, unless that financial year is of six months or less, as soon as possible, but in any event not later than the time that is 30 minutes before the earlier of the commencement of the morning trading session or any pre-opening session on the next business day after approval by or on behalf of the board. The issuer must publish such results not later than two months after the end of that period of six months.

In circumstances where the issuer is unable to make such an announcement, the issuer must make an announcement within the required time referred to above. The announcement must contain:—
 
(i)    a full explanation for its inability to make an announcement based on unaudited financial statements; and
 
(ii)    the expected date of announcement of the unaudited results for the first half of the financial year.
 
Note:    Newly listed issuers will be required to prepare and publish the relevant interim results (irrespective of whether the period in question ends on a date before or after the date on which dealings in the securities of the listed issuer commenced) where the two-month deadline for publishing the results falls after the date on which dealings in the securities of the listed issuer commenced. The requirements under rule 13.49(6) are not applicable to the interim period which ended immediately before the listing of a newly listed issuer if the following is disclosed in its listing document:—
 
(a) the financial information required under Appendix 16 in relation to interim results announcements, in respect of such six-month period (with comparative figures for the corresponding six-month period of the immediately preceding financial year); and
 
(b) that it will not breach its constitutional documents, laws and regulations of its place of incorporation or other regulatory requirements as a result of not publishing such interim results announcements.
 
Such a newly listed issuer should publish an announcement no later than the time prescribed in rule 13.49(6) that the relevant financial information has been included in its listing document.
(7)    The preliminary announcement of interim results must comply with the provisions set out in Appendix 16 in relation to preliminary announcements of interim results.
 
Note:    Issuers' attention is drawn to paragraph 46 of Appendix 16.
 
(8)    [Repealed 25 June 2007]