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ARTICLE · 24 MAY 2013

Faster rights issues – ASX proposes new timetables for traditional and accelerated rights issues

Holding Redlich
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ASX proposals will reduce the timetables for traditional rights issues and various accelerated rights issue structures.

AustraliaFinance and Banking
Philip Vickery (Formerly With Holding Redlich)
Philip Vickery (Formerly With Holding Redlich)
Michael MacMahon (Formerly With Holding Redlich)
Michael MacMahon (Formerly With Holding Redlich)
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In response to public consultation in July 2012, ASX has recently put forward a set of proposals that will reduce the timetable for traditional rights issues from 26 business days to 19 business days. ASX has also put forward specific timetables for various accelerated rights issue structures.

The key changes for traditional rights issues are:

  1. the period for acceptances will be reduced from a minimum of 10 business days to 7 business days;
  2. the trading period for renounceable rights (for renounceable offers only) will be reduced from 14 business days to 8 business days;
  3. the period to issue the securities after acceptances close will be reduced by 1 business day to 5 business days; and

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