Versions

 

19.33

The table below summarises the notification, publication and shareholders' approval requirements which will generally apply to each category of notifiable transaction. However, listed issuers should refer to the relevant rules for the specific requirements.

  Notification to Exchange Publication of an announcement on Exchange’s website Circular to shareholders Shareholders' approval Accountants report
Share transaction Yes Yes No No1 No
Discloseable transaction Yes Yes No No No
Major transaction Yes Yes Yes Yes2 Yes3
Very substantial disposal Yes Yes Yes Yes2 No5
Very substantial acquisition Yes Yes Yes Yes2 Yes4
Reverse takeover Yes Yes Yes Yes2, 6 Yes4

Notes:

1 No shareholder approval is necessary if the consideration shares are issued under a general mandate. However, if the shares are not issued under a general mandate, the listed issuer is required, pursuant to rule 17.41(2), to obtain shareholders' approval in general meeting prior to the issue of the consideration shares.
2 Any shareholder and his close associates must abstain from voting if such shareholder has a material interest in the transaction.
3 An accountants' report on the business, company or companies being acquired is required (see also rules 7.05 and 19.67(6)).
4 An accountants' report on any business, company or companies being acquired is required (see also rules 7.05 and 19.69(4)).
5 A listed issuer may at its option include an accountants' report (see note 1 to rule 19.68(2)(a)(i)).
6 Approval of the Exchange is necessary.