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Flexibility for companies contemplating listing |
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From 1 November 2012, the shareholder spread requirements in the admission criteria of the ASX will be a little more flexible:
Current Thresholds
(applicants must satisfy one of these) |
Post 1 November
(applicants must satisfy one of these)
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- 500 holders of at least $2,000
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- 400 holders of at least $2,000
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- 400 holders of at least $2,000, of which at least 25% are not “related parties”
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- 350 holders of at least $2,000 of which at least 25% are not “related parties”
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- 300 holders of at least $2,000, of which at least 50% are not “related parties”
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Conversely, the assets test has been lifted slightly. The entity must have net tangible assets of at least $3 million (up from $2 million) after deducting the cost of fund raising. The alternative measure, a market capitalisation of at least $10 million, is the same.
For other recent changes to the Listing Rules, please click here.
For more information, please contact:
The information in this document is provided for general guidance only. It is not legal advice, and should not be used as a substitute for consultation with professional legal or other advisors. No warranty is given to the correctness of the information contained in this document, or its suitability for use by you. To the fullest extent permitted by law, no liability is accepted by DibbsBarker for any statement or opinion, or for an error or omission or for any loss or damage suffered as a result of reliance on or use by any person of any material in the document. This publication is copyright. Apart from any use as permitted under the Copyright Act 1968, it may only be reproduced for internal business purposes, and may not otherwise be copied, adapted, amended, published, communicated or otherwise made available to third parties, in whole or in part, in any form or by any means, without the prior written consent of DibbsBarker.
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