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The Australian Securities Exchange (ASX) has released for public consultation two sets of proposals to amend its Listing Rules.
Non-Voting Ordinary Shares
ASX invites feedback on a proposal to amend its Listing Rules to allow quotation of non-voting ordinary shares. ASX is conducting this consultation in response to stakeholder requests. ASX has not yet formed a view on this proposal.
The public consultation paper explains non-voting shares, outlines the benefits and common concerns associated with them, details the experience in other markets around the world and raises some possible safeguards if such shares were allowed to be issued in the Australian market.
Comments on the proposal are welcome by Friday, 7 March 2008.
The document Non-Voting Ordinary Shares – ASX Public Consultation is available on the ASX website and here: http://www.asx.com.au/about/regulatory_policy_unit/index.htm
Omnibus Listing Rule Amendments
ASX invites feedback on a range of changes it proposes to make to its Listing Rules following an internal rule review conducted over the past 12 months. The specific proposals for consultation relate to:- Share Purchase Plans;
- Capital Raising by Small and Medium Sized Entities; and
- Listing Eligibility Requirements.
Comments on the proposals are welcome by Friday, 15 February 2008.
The document Omnibus Listing Rule Amendments – ASX Public Consultation is available on the ASX website and here: http://www.asx.com.au/about/regulatory_policy_unit/index.htm
ASX will inform the market of any decision to proceed with Listing Rule changes and, in such an event, the normal rule amendment approval process will be undertaken with ASIC.
