The Australian Stock Exchange Ltd (ASX) will proceed with Listing Rule amendments which
raise the threshold for admission to the Foreign Exempt category. To be eligible, entities must have $A2 billion of net assets, or $A200 million profit after tax in each of the previous three years.
Any entity not meeting either of these criteria may apply to convert to a full ASX Listing, in which case they must comply with all ASX Listing Rules.
To provide for an orderly transition, the amended threshold will commence on 1 June 2002
and take full effect from 1 July 2002.
ASX has written to all Foreign Exempt companies that are affected by the amendments,
advising them that ASX intends to proceed with the amendments. The letter outlines certain matters that must be notified to the market by those companies, to ensure that shareholders and the market are fully informed of their intentions.
Those companies who wish to be removed from the official list must inform shareholders of
that intention by letter and provide a sale facility for Australian shareholders on the company's primary exchange for a period of six months after removal from the official list.
