Listing Rule 11.1 was originally inserted into the Listing Rules primarily to regulate “back door listings”.2 Being party to a back door listing transaction will invariably involve a significant change to the nature and/or scale of a listed entity’s activities.
Listing Rules 11.1.2 and 11.1.3 empower ASX to require such a transaction to be approved by the entity’s security holders, to ensure their interests are protected, and also to require the entity to re-comply with ASX’s requirements for admission to the official list, so that the important controls and protections built into those requirements are not circumvented.
Listing Rule 11.2 addresses one particular type of transaction involving a significant change to the nature and/or scale of a listed entity’s activities – a disposal of its main undertaking – where, for policy reasons, the Listing Rules specifically require security holder approval.
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