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ARTICLE · 20 MAY 2008

Corporate Law News

Minter Ellison
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ASIC has given Class Order relief ensuring that non-traditional rights issue structures are covered by the prospectus and PDS disclosure exemption for rights issues.

AustraliaFinance and Banking
Leigh Brown
Leigh Brown

Regulatory Authorities

ASIC

Disclosure relief for rights issues extended

ASIC has given Class Order relief ensuring that non-traditional rights issue structures are covered by the prospectus and PDS disclosure exemption for rights issues.

The disclosure exemption for rights issues was introduced in 2007 and allows listed entities to conduct a rights issue without a prospectus or PDS. The current exemption is limited to quoted securities or interests, but ASIC now considers that any rights issue should fall within the disclosure exemption where it provides an equal opportunity to all holders to participate and does not compromise retail investor protection.

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