2.4 What constitutes a significant change in the scale of an entity’s activities?The second of the two grounds on which a proposed transaction has to be notified to ASX under Listing Rule 11.1 is if it will involve a significant change to the scale of an entity’s activities. ASX considers this to mean a substantial or sizeable change (upwards or downwards) to the size of an entity’s business operations.ASX notes that under former Australian accounting standards an amount which is equal to or greater than 10% of the applicable base amount has generally been presumed to be material unless there is evidence or convincing argument to the contrary.19 The word “significant” has a different connotation to the word “material” and imports something substantially larger. This would suggest that for something to be significant it would need to involve a change of substantially more than 10%.
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