Example 4: entity E is conducting a bookbuild process as part of a significant issue of securities,8 where a reasonable person would expect information about the issue, including in particular the price at which the book build is completed, to have a material effect on the price or value of E’s securities and where trading in E’s securities pending an announcement of that information would be happening on a basis that is not reasonably informed. The book build process is scheduled to take place over the course of one trading day and overnight, with an announcement about the results scheduled to be made before the beginning of trading on the following trading day. It would be appropriate for E to request a trading halt to allow it to conclude the bookbuild process and make an announcement to the market about the results. The request for the trading halt, which would be released to the market, should mention details of the proposed issue and the timetable for the conclusion of the bookbuild and the announcement to the market. In this case, ASX would likely grant a trading halt for the one trading day needed to conclude the book build process.
QMN Price at posting:
4.2¢ Sentiment: Buy Disclosure: Held
