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ARTICLE · 28 JULY 2012

ASX Consultation Paper on Rights Issues

Holding Redlich
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The ASX recently issued a consultation paper on modernising the timetable for rights issues.

AustraliaFinance and Banking
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The Australian Securities Exchange (ASX) has recently issued a consultation paper "Modernising the timetable for rights issues: facilitating efficient and timely rights issues". The Consultation Paper proposes to reduce the traditional rights issue timetable by 10 business days (from a maximum of 26 business days to a maximum of 16). This is a timely Consultation Paper, given current market volatility and on-going market discussion about capital raising structures.

The proposal is seeking to maintain the traditional rights issue as a viable capital raising mechanism and to strike a balance between the different interests of the issuer and its shareholders.

The key changes include:

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