The Australian Securities Exchange (ASX) has put listed entities on notice that with effect from 31 January 2023, ASX will apply ASX Listing Rule 17.5 strictly to the late lodgement of periodic reports.
ASX’s current practice has been that if a listed entity lodges a periodic report before the market opens on the next business day following the due date for that periodic report, ASX will not suspend trading in that entity’s securities. However, with effect from 31 January, 2023 ASX will no longer follow this practice. The rationale for this change is that ASX considers that it is important that listed entities keep the market informed in a timely manner and that the market has sufficient time to consider any late lodged reports.
Therefore, with effect from 31 January 2023, any periodic reports with a due date on or after 31 January 2023 must be lodged with the ASX market announcements office before it closes on the business day when the report is due. Failure to do so will result in the suspension of the entity’s securities from the commencement of trading on the next business day in accordance with ASX Listing Rule 17.5, ASX will not waive this rule. Following lodgement of the outstanding periodic report with the ASX market announcements office, the entity’s securities will normally be reinstated to quotation on the next trading day following lodgement.
For further information, please see Listed@ASX Compliance Update – 09/22
For more information, please contact Andrew Black, Patricia Paton and Guy Sanderson.