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In this update, we cover the Takeovers Panel's recent consultation papers on changes to Guidance Note 1: Unacceptable Circumstances (GN 1) and Guidance Note 17: Rights Issues (GN 17). We also look at the revised guidance note on continuous disclosure released by the ASX this month. These revisions will impact all entities listed on the ASX.

Takeovers Panel seeks to clarify truth in takeovers

GN 1 seeks to clarify uncertainty about how long a bidder must wait after declaring an offer price final, before it can make a revised bid or propose a scheme at an increased consideration. Read more...

Revised draft guidance on rights issues

The proposed amendments to GN17 look to provide clarity on mitigating potential control effects on listed companies and the operation of shortfall facilities. They also suggest that a rights issue will generally be acceptable if there is a clear need for funds, provided an appropriate dispersion strategy has been implemented. Read more...

ASX updates guidance note on continuous disclosure

The updated Guidance Note 8 on Continuous Disclosure, provides additional guidance in s 4.15 on the ASX's disclosure obligations concerning material contracts and expands s 5.10 to address the new insolvent trading safe harbour provision for directors and disclosure requirements for an entity facing financial distress when requesting a voluntary suspension to facilitate completion of a critical transaction. Read more...

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