In our previous alerts (
16 May 2016 and
25 May 2016), we examined the proposed changes to the Listing
Rules which were scheduled to be in place by 1 September 2016. The
proposed changes will raise the bar for admission to the ASX
through a number of amendments to financial thresholds, spread
requirements and working capital requirements in the Listing Rules.
There are also key policy changes which are currently being
enforced by the ASX.
Written submissions in response to the ASX Consultation Paper
have now closed. It comes as no surprise that an influx of feedback
was received.
Due to the responses received, there has been movement by the
ASX as to its position on the conditions to qualify for relief from
the '20 cent' rule for backdoor listings. Prior to the
Consultation Paper, a company had to satisfy the following
conditions to obtain an exemption:
