listing rules guidance note 7 removals from the … · sydney stock exchange listing rules guidance...

Sydney Stock Exchange Limited ACN 080 399 220 Email: [email protected] www.ssx.sydney 323 Castlereagh Street, Sydney NSW 2000 Tel: (61-2) 9217 2723 Fax: (61-2) 9215 2833

Australian Market Licence (Sydney Stock Exchange Limited) 2004

SYDNEY STOCK EXCHANGE

LISTING RULES GUIDANCE NOTE 7

REMOVALS FROM THE OFFICIAL LIST

February 2016

SYDNEY STOCK EXCHANGE LISTING RULES GUIDANCE NOTE 7

REMOVALS FROM THE OFFICIAL LIST February 2016

This document supersedes and replaces any previous issue. Any copies found to be incomplete should not be used. © Copyright Sydney Stock Exchange Ltd. All rights reserved.

No part of this publication may be reprinted, reproduced, stored in a retrieval system or transmitted, in any form or by any means, without the prior permission in writing from the owners.

of 14

TABLE OF CONTENTS

OVERVIEW ......................................................................................................................................................... 3

1. INTRODUCTION ....................................................................................................................................... 3 2. DEFINITIONS ............................................................................................................................................ 3

BACKGROUND ................................................................................................................................................... 3

3. CONTEXT .................................................................................................................................................. 3 4. KEY LISTING RULES ............................................................................................................................... 4 5. POLICY OBJECTIVES .............................................................................................................................. 4 6. LISTEE’S REQUEST FOR REMOVAL FROM THE OFFICIAL LIST .................................................... 5

LISTEE’S RIGHT TO REQUEST REMOVAL FROM THE OFFICIAL LIST ....................................... 5 Preliminary discussions with SSX .......................................................................................................... 6 The formal request for removal ............................................................................................................. 7 Disclosure upon lodgement of formal request for removal ................................................................... 7 Communication by SSX of the removal decision ................................................................................... 8 SSX conditions - Listee securities readily able to trade on another exchange ...................................... 8 SSX conditions - Listee securities not readily able to trade on another exchange ................................ 9 Notice of meeting requirements ........................................................................................................... 10 Situations where securities holders approval may not be required ..................................................... 11

7. REMOVAL FROM THE OFFICIAL LIST AT THE INSTIGATION OF SSX ........................................ 11 General circumstances in which SSX may remove a listee .................................................................. 11 Removal following compulsory acquisition under a takeover ............................................................. 12 Automatic suspension and removal for failure to pay annual listing fee ............................................. 12 Automatic removal of long-term suspended listees .............................................................................. 13

8. RIGHT OF APPEAL ................................................................................................................................. 14 9. OBLIGATIONS AFTER REMOVAL FROM THE OFFICIAL LIST ...................................................... 14



of 14

OVERVIEW

1. INTRODUCTION

1.1 The purpose of this guidance note is to assist listees, sponsors and their advisers in understanding the policies and practices of SSX regarding the removal of listees from the official list.

1.2 Nothing in this guidance note binds SSX in relation to the application of the listing rules to a particular listee or in a particular situation. Nothing in this guidance note is to be taken to be legal advice, and SSX recommends that listees obtain their own independent legal advice. The views set out in this guidance note are those of SSX and a court may take a different view. SSX reserves the right to withdraw or amend this guidance note at any time without notice.

2. DEFINITIONS

2.1 Terms that are not specifically defined in this guidance note, but are given a particular meaning in the listing rules, have the meaning given in the listing rules.

2.2 Terms and definitions used within this guidance note:

“ASIC Act” means the Australian Securities and Investments Commission Act 2001 (Cth);

“Guidance Note” means this document.

“Market” means the financial market operated by SSX.

“SSX” means Sydney Stock Exchange Limited.

“SSX Supervision” means the supervisory division of SSX that is responsible for listee, sponsor and market participant supervision.

BACKGROUND

3. CONTEXT

3.1 This guidance note predominantly relates to listing rules 14.18 to 14.23.

3.2 This guidance note is to be read in conjunction with:

(1) Guidance Note 3 – Continuous Disclosure; and

(2) Guidance Note 4 – Trading Halts & Suspensions.

3.3 Once a listee has been removed from the official list, it can no longer refer to itself as an SSX listee and its securities will also cease to be quoted and traded on the SSX market.

3.4 Once a listee has been removed from the official list, if it subsequently wishes to be re-admitted to the official list of SSX again, it will be required to complete a new admission application and satisfy the relevant admission requirements of chapters 4 and 5 of the listing rules anew.



of 14

4. KEY LISTING RULES

4.1 Listing rules 14.18 to 14.21 state:

Removal at listee's request

14.18 SSX may at any time and on such conditions as it considers appropriate, remove a listee from the official list at the duly authorised request of the listee.

Removal not at listee's request

14.19 SSX may at any time and on such conditions as it considers appropriate, remove a listee from the official list if, in SSX's opinion:

(a) the listee is unable or unwilling to comply with, or breaches a Rule,

(b) the listee has no listed securities; or

(c) there is an appropriate reason to do so.

Removal following compulsory acquisition notices

14.20 If all the listed securities of a listee have been suspended under Rule 14.7 or 14.8 SSX will remove the listee at the close of trading on the third business day following the date on which the listee's securities were suspended, or such other date as determined by SSX.

Removal for non-payment of annual listing fee

14.21 If a listee does not pay an annual listing fee as required under Rule 25.6 SSX may remove the listee from the official list at the close of trading 21 days after the due date.

4.2 Listing rules 14.22 to 14.23 state:

When removal from the official list occurs

14.22 If SSX's decision to remove a listee from the official list is conditional, the listee is removed when the conditions are met on a date determined by SSX. If the decision is unconditional, the listee is removed on the date specified in the decision. If no date is specified, the listee is removed on such date as determined by SSX.

Effect of removal from official list

14.23 If a listee is removed from the official list, quotation of all its securities ends (unless quotation has been suspended earlier).

5. POLICY OBJECTIVES

5.1 This guidance note sets out the policies and practices of SSX regarding the removal of listees from the official list.



of 14

5.2 These policies and practices apply to all listees admitted to the official list, including those admitted as fixed interest securities listees, international exempt listees and international listees.

5.3 It is SSX policy to try to strike a reasonable balance between the interests of listees, the interests of security holders and the interests, and quality, of the SSX market in general. SSX is of the view that the admission of a listee to the official list, all things being equal, represents a medium to long term relationship between SSX and that listee, particularly in relation to SSX providing a market for the listee and its (potential) security holders.

5.4 Any request for voluntary removal by a listee, or instigation of removal by SSX, is considered a most important event within a listee’s listed life, and warrants the significant consideration of all parties involved.

6. LISTEE’S REQUEST FOR REMOVAL FROM THE OFFICIAL LIST

LISTEE’S RIGHT TO REQUEST REMOVAL FROM THE OFFICIAL LIST

6.1 Under listing rule 14.18 a listee may, at any time, request SSX to remove it from the official list. Pursuant to this listing rule, the request of the listee is to be duly authorised, which may involve SSX requiring the listee to verify the authority of the person making the request for removal.

6.2 SSX is not required to act on a listee's request for removal from the official list, and pursuant to listing rule 14.18, SSX may require conditions to be satisfied before it does so.

6.3 Under listing rule 14.22, if the decision of SSX is unconditional, the listee is removed on the date specified in the decision or, if no date is specified, on a date decided by SSX. If SSX's decision to remove a listee from the official list is conditional, the listee is removed once the conditions are met and on a date decided by SSX.

6.4 In order to ensure that the interests of security holders are not unduly prejudiced by the removal and that trading in the listee's securities takes place in an orderly manner up to the date of its removal, SSX's decision to act upon a request from a listee for removal from the official list is usually subject to the satisfaction of certain conditions. In some situations, SSX's decision may have conditions that include the approval of security holders to the removal.

6.5 A listee's request for removal from the official list should be sought for acceptable reasons only. Common and generally accepted reasons why a listee may ask to be removed from the official list include that the:

(1) listee has a primary listing on another exchange and no longer requires a secondary listing on SSX;

(2) listee intends to move its listing to an overseas exchange as part of a transaction involving re-domiciling to another jurisdiction;

(3) listee has only one or a small number of remaining security holders following a takeover, scheme of arrangement or other control transaction, and its continued admission to the official list can no longer be justified,



of 14

(4) directors of a listee consider that the prices at which its managed investment scheme securities are trading is materially lower than the underlying value of its net assets and the listee intends to provide security holders an alternative mechanism (such as a redemption or buy-back facility) to liquidate their holdings at a price closer to their net asset value; or

(5) listee has determined for some other proper reason that it is no longer in the interests of its security holders to remain admitted to the official list.

6.6 Unacceptable reasons for why a listee might request removal include if, in the opinion of SSX, it is doing so primarily to:

(1) force minority security holders into accepting an off-market takeover from a controlling shareholder by denying them a market for their securities; or

(2) avoid the application of chapter 17 of the listing rules (transactions with related parties) to a particular transaction that is not otherwise subject to Part 2E of the Act.

Preliminary discussions with SSX

6.7 SSX recommends that a listee first discuss the removal process with SSX Supervision at the earliest opportunity before it considers submitting a formal request for removal from the official list.

6.8 SSX Supervision will be able to provide the listee with a preliminary view on whether the removal request is being made on acceptable grounds, the likely timeframe for a decision on the request, and the likely conditions (if any) that SSX will impose.

6.9 In most cases, SSX Supervision will recommend that a listee apply for “in-principle advice" on whether SSX is likely to agree to a request for removal from the official list and to ascertain what conditions, if any, that SSX is likely to require to be satisfied before SSX will act on the request. By obtaining “in-principle advice”, the listee will be certain as to SSX’s position in relation to the removal request, allowing the listee to reflect this SSX position in the disclosure that SSX will require the listee to make when it lodges its formal removal request.

6.10 A listee’s in-principle advice application must be in writing, addressed to SSX Supervision and clearly marked "Not for public release" detailing:

(1) the reasons the listee is seeking to be removed from the official list;

(2) whether the listee is intending to seek the approval of security holders to the removal (for example, because it anticipates that SSX will require such approval as a condition of removal, or it is doing so at its own behest1) and the process for obtaining that approval; and

(3) what, if any, arrangements will be in place to enable security holders to sell or otherwise realise their securities in the lead up to, and/or after, its removal from the official list.

1 For example, a listee may seek security holder approval for its removal from the official list at its own behest, where it is considers it both appropriate and a matter of good governance that security holders are consulted on such an important decision.



of 14

The formal request for removal

6.11 A formal application by a listee wishing to be removed from the official list should be in writing to SSX Supervision. The removal application should be on the listee’s letterhead, and signed by its chairman or CEO. If the removal application is signed by anyone else, SSX will require the listee to provide evidence that the person signing has the authority to request the removal.

6.12 Unless this information has already been provided to SSX in an application for in-principle advice, the formal request for removal should detail:

(1) the reasons the listee is seeking to be removed from the official list;

(2) whether the listee is intending to seek the approval of security holders to the removal and the process for obtaining that approval; and

(3) what, if any, arrangements will be in place to enable security holders to sell or otherwise realise their securities in the lead up to, and/or after, its removal from the official list.

Disclosure upon lodgement of formal request for removal

6.13 Immediately after a listee submits a formal request to SSX for removal from the official list, the listee must make a disclosure (via the SSX Announcements Office), detailing2:

(1) the fact that it has applied to SSX for removal from the official list;

(2) its reasons for seeking removal from the official list;

(3) the consequences for the listee and its security holders if it is removed from the official list;

(4) what, if any, arrangements will be in place to enable security holders to sell their securities in the lead up to, and/or after, its removal from the official list;

(5) if the listee has received in-principle advice from SSX:

(a) that SSX will agree to the request unconditionally, that fact and the proposed date for the listee's removal from the official list; or

(b) that SSX will agree to the request on conditions, details of those conditions, the proposed timetable for satisfying the conditions and, if they are met, the expected date for the listee's removal from the official list;

(6) if the listee has not received in-principle advice from SSX:

2 Such a disclosure will generally be required under listing rule 11.1 since a reasonable person would expect information about the

removal to have a material effect on the price or value of the listee's securities.



of 14

(a) a statement to the effect that SSX is not required to act on the listee's request and may require conditions to be satisfied before it will act on the request; and

(b) the listee will make a further disclosure once it is advised by SSX whether or not SSX will agree to the request and of any conditions that SSX requires to be satisfied before it will act on the request.

Communication by SSX of the removal decision

6.14 All matters relating to formally removing a listee from the official list are to be communicated to the listee generally by SSX Supervision, on behalf of SSX, in writing.

SSX conditions - Listee securities readily able to trade on another exchange

6.15 Where a listee3 seeks removal from the official list to transfer to another exchange, SSX will require the listee to:

(1) obtain security holder approval to the transfer in the form of an ordinary resolution at a general meeting of the holders of the listee’s ordinary securities;

(2) disclose a notice of meeting sent to holders of the listee’s ordinary securities containing the information set out below;

(3) pay SSX any fees applicable for transfers as set out in the SSX Schedule of Fees; and

(4) not remove itself from the official list earlier than one month after security holders have approved the removal, allowing security holders time to sell their securities on SSX should they wish to do so.

6.16 In addition, SSX will normally require the following to be disclosed to security holders, in a form satisfactory to SSX, before it will act on a request from the listee for removal from the official list:

(1) the nominated time and date at which the listee will be removed from the official list;

(2) if security holders wish to sell their securities on SSX, that they are only able to so before the nominated date;

(3) if security holders do not wish to sell their securities on SSX before the nominated date, that they will only be able to sell their securities on the other exchange(s) after that date; and

(4) in general terms, what security holders will need to do if they wish to sell their securities on the other exchange, including in circumstances involving dual-listings and depository interests.

3 Usually being a listee of equity securities, fixed interest securities or an international exempt listee.



of 14

6.17 SSX also recommends, where the new exchange to which the listee is transferring is based outside of Australia, that the listee establishes with a market participant a facility, whereby for a designated period of time post-transfer the market participant can sell the securities of Australian security holders on the overseas exchange and, if requested by a security holder, convert and remit the proceeds back to the security holder in Australian dollars. If such a facility is established, information about should also be included in the disclosure above.

6.18 Together, these requirements ensure the interests of security holders, as a whole, are considered and addressed by the listee, particularly in light of SSX considering that an admission of a listee to the official list is a medium to long-term arrangement (as outlined in paragraph 5.3 above).

SSX conditions - Listee securities not readily able to trade on another exchange

6.19 Where a listee4 seeks removal from the official list (other than following a takeover as set out below) but the securities of the listee will not be readily available to be traded on another exchange, SSX will require the listee to:

(1) obtain security holder approval to the transfer in the form of an ordinary resolution at a general meeting of the holders of the listee’s ordinary securities;

(2) disclose a notice of meeting sent to holders of the listee’s ordinary securities containing the information set out below;

(3) if applicable, pay SSX any fees applicable for transfers as set out in the SSX Schedule of Fees; and

(4) not remove itself from the official list earlier than one month after security holders have approved the removal, allowing security holders time to sell their securities on SSX should they wish to do so.

6.20 Similar to the conditions outlined in paragraphs 6.15 to 6.18 above, the requirements in paragraph 6.19 ensure the interests of security holders, as a whole, are considered and addressed.

6.21 In the case of a managed investment scheme which proposes to have a redemption facility in place to enable security holders to convert their securities into cash after removal from the official list, SSX will still require the managed investment scheme to obtain the approval of its security holders for removal. This is on the basis that a redemption facility is qualitatively different to being able to sell on-market. In such a circumstance, instead of a condition of removal being that the removal of the managed investment scheme not take place earlier than one month after security holder approval has been obtained, if the managed investment scheme is not "liquid"5 that period will be extended to 3 months.

4 Usually being a listee of equity securities, fixed interest securities or an international exempt listee. 5 As defined in section 601KA of the Act.



of 14

Notice of meeting requirements

6.22 Generally, a notice of meeting must include sufficient material in order to fully inform security holders of the matters to be considered at the meeting and enable them to make a properly informed judgment on those matters. Pursuant to listing rule 19.2, this information may be given in the notice itself or in an accompanying explanatory memorandum.

6.23 Where SSX requires the approval of security holders for the removal of a listee from the official list, SSX will expect the relevant notice of meeting to detail:

(1) the listee's reasons for seeking removal from the official list;

(2) why security holder approval is being sought for the removal;

(3) the advantages and disadvantages of removal from the official list compared to the advantages and disadvantages of remaining admitted to the official list. SSX expects this to also address the advantages and disadvantages from the perspective of minority security holders, as well as the advantages and disadvantages from the perspective of the listee;

(4) that any security holder wishing to sell their securities must do so on SSX prior to the nominated date for removal from the official list;

(5) if the listee is transferring to another exchange, how any security holder wishing to sell their securities will be able to do so after the nominated date for removal from the official list;

(6) if the listee is not transferring to another exchange, how any security holder wishing to sell their securities will be able to do so after the nominated date for removal from the official list. If the listee is a managed investment scheme the redemption mechanism to be implemented must be clearly set out;

(7) details of any other conditions that SSX requires to be satisfied before SSX will act on the request for removal from the official list;

(8) if security holders approve the resolution, the proposed timetable for the listee's removal from the official list; and

(9) that all security holders including those with large or controlling holdings will be permitted to vote on the resolution.

6.24 Before a listee discloses a notice of meeting that includes a resolution by security holders for approval of the listee’s removal from the official list, SSX recommends that the listee provide SSX with a copy of the draft notice for review. If SSX is not satisfied that the notice of meeting contains the required disclosures outlined above then SSX may require additional information to be disclosed (as a further condition to those required above).

6.25 Pursuant to listing rule 12.17, immediately after the meeting has been held, the listee will also need to disclose the outcome of the meeting.



of 14

Situations where securities holders approval may not be required

Takeover Situations

6.26 Where the ordinary securities of a listee are subject to a successful takeover, SSX will not usually require security holder approval where the listee requests removal from the official list in circumstances where the bidder foreshadowed in its bidder's statement that it intended, if it secured control of the listee, to require the listee to apply for removal from the official list, and:

(1) the bidder and its related parties own or control at least 75% of the listee's ordinary securities but have not met the conditions to proceed to compulsory acquisition of the remaining securities under the Act;

(2) the takeover bid remained open for at least two weeks following the bidder and its related parties having attained ownership or control of at least 75% of the listee’s ordinary securities; and

(3) the listee has applied for removal from the official list no later than one month after the close of the takeover bid.

6.27 Accordingly, and on the basis security holders had a reasonable opportunity to sell their securities by way of accepting the takeover bid, SSX will usually require the following conditions to be satisfied before it will act on a request by the listee for its removal from the official list:

(1) the time and date for removal is to be ascertained by discussions between the listee and SSX Supervision;

(2) the listee makes a disclosure, in a form satisfactory to SSX, advising of the nominated time and date at which the listee will be removed, and that:

(a) if they wish to sell their securities on SSX they will need to do so before then; and

(b) if they don't wish to sell their securities, thereafter they will only be able to sell their securities off-market;

(3) the removal not take place any earlier than 1 month after the above-mentioned disclosure in order for security holders to have reasonable time to sell their securities on SSX, should they wish to do so.

7. REMOVAL FROM THE OFFICIAL LIST AT THE INSTIGATION OF SSX

General circumstances in which SSX may remove a listee

7.1 Under listing rule 14.19, SSX may remove a listee from the official list at any time, and on such conditions as SSX considers appropriate, if in SSX's opinion:

(1) the listee is unwilling or unable to comply with, or breaches, a listing rule;

(2) the listee has no listed securities; or



of 14

(3) there is an appropriate reason to do so.

7.2 While SSX may remove a listee from the official list for any breach of the listing rules, most often this issue will arise if, in SSX's opinion, the listee fails to meet the requirements set out in chapter 13 of the listing rules6 (particularly in relation to the ongoing listing obligations set out in listing rule 13.9 (Level of operations), listing rules 13.10 and 13.11 (Financial condition) and listing rule 13.12 (Spread).

7.3 In relation to listing rule 13.10 (financial condition) and listing rule 13.11 (appropriate level of assets), characteristics of listees that may appear unable to comply with these listing rule obligations include:

(1) financial difficulties to an extent which seriously impairs a listee’s ability to continue its business or which has led to the suspension/termination of some or all of its operations; and/or

(2) listees which have net liabilities as at the date of half-year or full year financial statements (eg, listees whose liabilities exceed their assets).

7.4 Together, these listing rules require the level of a listee’s operations to be sufficient, and its financial condition to be adequate in SSX’s opinion, to warrant the continued quotation of its securities and its admission to the official list. A listee is also obligated to maintain a spread of security holders in its main class which, in SSX’s opinion, is sufficient to ensure that there is an orderly and liquid market in its securities.

7.5 Where a listee no longer satisfies an ongoing listing rule obligation above, SSX may allow the listee a limited, but reasonable, period of time to restore the listee’s compliance with the relevant listing rule obligation. For example, where a listee no longer maintains sufficient spread of security holders, SSX may allow a listee three months to restore suitable spread before SSX commences the removal process7.

Removal following compulsory acquisition under a takeover

7.6 Under listing rule 14.20, where the bidder proceeds to compulsory acquisition of a listee's securities under the Act8, SSX will automatically remove the listee at the close of trading on the third business day following the date on which the listee’s securities were suspended from quotation (pursuant to listing rules 14.7 or 14.8), or such other date as determined by SSX.

Automatic suspension and removal for failure to pay annual listing fee

7.7 Pursuant to listing rule 14.10, if a listee fails to pay its annual listing fee within 14 days after the due date (as required by listing rule 25.6), SSX will suspend quotation of the listee’s securities prior to commencement of trading on the next business day. Listing rule 14.10 will not be waived by SSX.

6 SSX may also take into consideration any changes to the structure and operations of a listee (under both chapter 13 of the listing rules and listing rule 4.18). 7 This does not apply in circumstances where a listee is a long-term suspended listee (as provided in paragraph 7.11 below). 8 Part 6A.1 Division 1 of the Act allows a bidder under a takeover bid to compulsorily acquire any remaining securities in the bid class if,

by the end of the offer period, it and its associates have: (a) relevant interests in 90% (by number) of the securities in the bid class; and (b) acquired at least 75% (by number) of the securities that the bidder offered to acquire under the takeover bid.



of 14

7.8 In addition and under listing rule 14.21, if a listee fails to pay its annual listing fee (as required by listing rule 25.6), SSX will automatically remove the listee from the official list at the close of trading 21 days after the due date.

7.9 A listee that is seeking voluntary removal from the official list should not seek to do so by simply failing to pay its annual listing fee on time and thereby having itself automatically removed from the official list. Such conduct may lead to the listee breaching its obligations under listing rule 1.1, such that in taking such action or interpreting the listing rules in this way, it has not promoted the purpose or object of the listing rules.

7.10 SSX reserves the right to take recovery and/or legal action against any listee that fails to pay its annual listing fee, and any other outstanding fees, in order to recover the amount(s) in question.

Automatic removal of long-term suspended listees

7.11 In the circumstances of a long term suspended listee, SSX aims to try to strike a reasonable balance between the interests of security holders and the quality of the SSX market in general. On the one hand, existing security holders of a long term suspended listee would prefer to have the ability to trade their securities on-market rather than lose that possibility if the listee is permanently removed from the official list. On the other hand, SSX aims to ensure that the quality of the official list is not impacted by an undue number of long-term suspended listee’s whose securities are unlikely to be re-instated in a timely manner.

7.12 If a listee has been suspended after a continuous period of 12 months, SSX will provide a written warning to the listee and the listee will be required to disclose quarterly reports. The quarterly reports (which are in addition to any other continuous disclosure and periodic reporting requirements under the listing rules) will be required to describe the listee’s current level of operations, a cashflow report, the director’s intentions for the listee and any timeframes for seeking removal of the suspension. Failure to lodge two quarterly reports may result in removal from the official list. The listee will also be required to pay SSX any fees applicable for long term suspended listees as set out in the SSX Schedule of Fees.

7.13 If the listee has been continuously suspended for 24 months, SSX will remove the listee from the official list on the 24 month anniversary.

7.14 SSX may agree to a short extension of the deadline above for the automatic removal of a long-term suspended listee if the listee can demonstrate, to the satisfaction of SSX, that it is in the ‘final stage’ of implementing a transaction that will lead to the resumption of quotation of its securities within a reasonable period (up to no more than 3 months). SSX considers that being in the ‘final stage’ means that, within the 24 months:

(1) The listee has disclosed the transaction;

(2) The listee has signed definitive legal agreements for the transaction, including in relation to financing of the transaction;

(3) if the transaction requires a security offer document to be lodged with ASIC, the security offer document has been lodged with ASIC;

(4) if the transaction requires security holder approval, that approval has been obtained; and



of 14

(5) the listee’s sponsor9 confirms that upon completion of the transaction, the listee meets its listing rule obligations.

8. RIGHT OF APPEAL

8.1 A listee is entitled, pursuant to listing rule 24.2, to take to the SSX review panel an SSX decision or an SSX enforcement determination, in which a listee:

(1) has a request for removal from the official list denied;

(2) has conditions imposed upon their removal from the official list that they find unacceptable; or

(3) disagrees with a decision by SSX to remove it from the official list.

8.2 Further information in relation to SSX review panel processes can be found in chapter 24 of the listing rules (Review Panel).

9. OBLIGATIONS AFTER REMOVAL FROM THE OFFICIAL LIST

9.1 A listee that is removed from the official list should note that in certain circumstances it may continue to be an ’unlisted disclosing entity’ which is subject to the continuous disclosure obligations set out in section 675 of the Act. As outlined in paragraph 6.6 above, the application of Part 2E of the Act may also likely continue to apply to related party transactions.

9 If at the time of being suspended, the listee does not have a sponsor in place, SSX may require the appointment of a sponsor as part of the reinstatement.

listing rules guidance note 7 removals from the … · sydney stock exchange listing rules guidance...

Documents