So based on your analysis of Listing Rule 3.1 it is appropriate for SGH to:
• advise the market that their bankers require them to submit a plan by the end of March concerning management's plan to improve profit and reduce debt
• that it is possible the banks, following receipt of this plan, decides to shorten the maturity of the facility or continue it on existing grounds
• not announce to the market the banks' decision on the maturity profile of SGH's debt following receipt of such a plan.
That is an interesting interpretation of Listing Rule 3.1 which specifically states that "Once an entity is or becomes aware of any information concerning it that a reasonable person would expect to have a material impact on the price or value of the entity's securities, the entity must immediately tell ASX that information." particularly when the examples given for events triggering Listing Rule 3.1 include:
• the entry into, variation or termination of a material contract
• the commission of an event of default under, or other event entitling a financier to terminate, a material financing facility.
SGH Price at posting:
26.5¢ Sentiment: None Disclosure: Not Held
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